Oct 1 2007
Sumitomo Chemical Company and Cambridge Display Technology Inc. (CDT), a developer of technologies based on polymer organic light emitting diodes (P-OLEDs), today jointly announced that Sumitomo Chemical has completed its $285 million acquisition of CDT, by means of a merger between CDT and a wholly owned subsidiary of Sumitomo Chemical. The merger consideration represents a 107 percent premium over CDT's 90-day average closing share price and a 95 percent premium over CDT's closing share price of $6.15 on July 30, the last trading day prior to first public announcement of the acquisition.
Holders of over 73% of CDT's outstanding common shares approved the merger earlier today, and all customary closing conditions have now been satisfied. As a result of the merger, CDT's common stock will no longer be publicly traded after today and will be converted into the right to receive $12 per share in cash.
CDT has appointed Mellon Investor Services LLC to act as paying agent for this transaction. Mellon Investor Services LLC will contact CDT shareholders shortly to arrange for payment.
Nikko Citigroup Limited, Citigroup Global Markets Inc. and Pillsbury Winthrop Shaw Pittman LLP advised Sumitomo Chemical in the transaction. Cowen and Company, LLC and Cadwalader, Wickersham & Taft LLP advised CDT.