Applied Materials Announces Stockholder Approval of its Proposed Combination with Tokyo Electron

Applied Materials, Inc. announced that its stockholders approved its proposed business combination with Tokyo Electron Limited (TSE: 8035).

Approximately 99% of the shares voting at the Applied Materials special meeting of stockholders voted to adopt the parties’ Business Combination Agreement, dated September 24, 2013, as amended. This represents approximately 78% of shares of the company’s common stock outstanding as of the May 9, 2014 record date for the meeting.

“Today’s strong show of support underscores the value our merger brings to stockholders,” said Gary Dickerson, president and CEO of Applied Materials. “The combination will enable us to accelerate development of breakthrough products to solve our customers’ high-value problems better, faster and at lower cost.”

Applied Materials and Tokyo Electron are joining together to create a new global innovator for the semiconductor and display industries. This combination brings together complementary leading technologies and products to create an expanded set of capabilities in precision materials engineering and patterning.

The closing of the business combination remains subject to customary conditions set forth in the Business Combination Agreement, including review by regulators in various countries. Applied Materials expects the transaction to close in the second half of 2014.