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Business | June 05, 2012

Lam Research completes Novellus Systems merger

Lam Research Corp. has completed its merger with San Jose, Calif.-based Novellus Systems, Inc.
With the transaction's closure, 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.

"We believe that this merger enables the newly expanded Lam Research to accelerate revenue growth at a faster pace by leveraging our technology adjacencies and complementary experience to more quickly deliver solutions addressing our customers' technology and productivity challenges," stated Martin Anstice, president and chief executive officer of Lam Research. "Moreover, our broader product portfolio, combined resources and greater scale enhance our ability to create value for our customers. We remain confident in our ability to achieve our cost synergy targets and are encouraged by the prospects for future revenue synergies."

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