Reading time ( words)
Minneapolis and Singapore -- August Technology Corp. has entered into a settlement and purchase agreement with ASTI Holdings Ltd. to acquire all of the outstanding stock of Semiconductor Technologies and Instruments Inc. (STI) of Plano, Texas.
The acquisition purchase price consists of $1.25 million in cash and 215,385 shares of August Technology common stock. This represents a purchase price of approximately $1.8 million based on the company's closing stock price on February 24, 2003. The company had previously announced the signing of a definitive agreement to acquire STI in May 2002, and subsequently terminated the agreement in August 2002.
The transaction is subject to approval by the shareholders of STI's parent company and other customary conditions and is anticipated to close in the second quarter of 2003.
August Technology's automated inspection solutions provide critical product and process enhancing information, which enable microelectronic device manufacturers to drive down costs and time-to-market. For more information, visit www.augusttech.com.