September 16, 2008
Sumitomo Heavy Drops Bid to Acquire U.S. Firm Axcelis
Tokyo, Sept. 16 (Jiji Press)--Japan's Sumitomo Heavy Industries Ltd. said Tuesday it has dropped an attempt with U.S. investment firm TPG to acquire U.S. chipmaking equipment maker Axcelis Technologies Inc.
The decision was made because the deteriorating semiconductor market has made it difficult for the Sumitomo side to determine the value of Axcelis and the U.S. company refused to extend the period the Sumitomo side had to assess its corporate value.
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