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Photon Dynamics: Partial Recovery, Partial Explanation

in News on September 11, 2008 at 10:41 am PT

There’s still something not yet clear about the weird sell-off yesterday in shares of Photon Dynamics (PHTN). To review: PHTN holders on Friday approved a pending $15.60 a share cash takeover of the company by Orbotech (ORBK), an Israeli-based rival in the LCD display equipment business. But the stock yesterday hit an air pocket, dropping $2.19, or 14.5 percent, to $12.89, and trading as low as $10.74. I theorized that the drop might have had something to do with the role in the deal played by Lehman Bros., which has been an adviser to Orbotech.