BEVERLY, Mass., Feb. 11, 2008 (PRIME NEWSWIRE) -- Axcelis Technologies, Inc.(Nasdaq:ACLS) today confirmed that it has received a series of unsolicited letters, from a Japanese company, Sumitomo Heavy Industries, Ltd. (SHI) (TSE:6302), dated February 4, 2008 and February 11, 2008, in which SHI makes a contingent proposal to acquire Axcelis at a nominal premium of $5.20 per share. The Japanese company uses Axcelis' currently depressed stock price as a rationale for its timing. The proposed price is almost 10% less than the average closing price of Axcelis over the last 52 weeks. The letter states that the Japanese company's proposal is contingent upon due diligence, among other things.
On February 7, 2008, Axcelis responded to the Japanese company's letter of February 4, 2008. In its response, Axcelis informed SHI that its Board would be discussing their proposal with its advisors and would respond once the discussions were complete. Instead, the Japanese company chose to not wait for Axcelis to respond and made public its letter of February 11, 2008.
Axcelis stated today that shareholders do not need to take any action now. The Axcelis Board of Directors is considering the unsolicited SHI overture and, following that evaluation, will advise shareholders what course of action, if any, should be undertaken.
Axcelis noted that the Japanese company and Axcelis each own 50% of the shares of SEN Corporation, an SHI and Axcelis Company, a Japanese corporation which licenses technology from Axcelis. Although the SEN joint venture has been very successful in its 25-year history, recently SHI has made clear that it has ambitions for SEN that are not in the best long-term interests of Axcelis and its shareholders. In fact, SHI has supported SEN's position on a number of matters which are being resolved in a pending arbitration in Japan.
About Axcelis Technologies, Inc.
Axcelis Technologies, Inc., headquartered in Beverly, Massachusetts, provides innovative, high-productivity solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation and cleaning systems. Axcelis also licenses its 50% owned joint venture, SEN Corporation, an SHI and Axcelis Company, to manufacture and sell certain implant products in Japan. The company's Internet address is: www.axcelis.com.