Sumitomo moves to acquire P-OLED pioneer CDT
Sumitomo Chemical Co. Ltd is set to buy polymer OLED (P-OLED) pioneer Cambridge Display Technology Inc. (CDT) of the United Kingdom for an estimated $285 million. Under the merger agreement, the Japanese company will acquire all outstanding shares of the CDT common stock at a price of $12 per share in cash.
David Fyfe, chairman and chief executive of CDT, said the deal would propel the company's technology into bigger markets. ''I believe that the acquisition of CDT by Sumitomo Chemical will significantly enhance the prospects for P-OLED technology adoption, especially as P-OLED is looking ever more likely to become the next mainstream display technology,'' he said in a statement.
CDT and Sumitomo Chemical have developed a close relationship since Sumitomo acquired a license to certain IP from CDT in 2001, culminating in the formation of a
joint venture in 2005 to develop, manufacture and sell P-OLED materials to CDT licensees and others.
Completion of the merger is subject to CDT stockholder approval and other customary closing conditions. The acquisition is expected to close later this year.
- Mark LaPedus
|Related Articles||Editor's Choice|