Lam Research (LRCX) Completes Acquisition of Novellus Systems (NVLS)

Lam Research Corp. (NASDAQ: LRCX) has completed its merger with San Jose, Calif.-based Novellus Systems, Inc., (NASDAQ: NVLS).

With today's transaction close, Novellus shareholders will receive 1.125 shares of Lam Research common stock for each share of Novellus common stock that they own, in a tax-free exchange. The transaction was valued at a price of $40.48875 per common share, based on the closing price of Lam Research's stock on June 4, 2012. Lam Research stockholders and former Novellus shareholders now own approximately 57 percent and 43 percent of the combined company, respectively.

oncurrent with today's transaction close, Lam Research expanded its board of directors to include four former Novellus board members.

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