Friday morning electronic and electromechanical instrument company Ametek announced it is merging with optical instrument company Zygo Corporation. Ametek will acquire all outstanding shares of Zygo Corporation for $19.25 cash. Shares in Zygo closed at $14.68 on Thursday, so this acquisition price amounts to a 31% premium for existent shareholders. The aggregate value of the transaction is about $280 million.
Zygo is an excellent acquisition for Ametek. We are excited about the opportunity to acquire such a strong brand and technology leader,” Frank S. Hermance, Ametek Chairman and Chief Executive Officer said in a press statement on Friday. “Zygo’s leading position in non-contact optical metrology nicely complements our strength in contact metrology and enables us to offer our customers a full range of metrology solutions.”
Buy the Dip in Biotech
The biotech market is selling off on the fear that we’re in a bubble, and the NASDAQ Biotech ETF has consistently dropped since February. In next week’s issue of Technology and Opportunity, we have outlined a strategy for stockpiling biotech as it falls in price.
