2 posts and columns on Orbotech

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.

What's Wrong With Photon Dynamics? (Updated)

in News on September 10, 2008 at 3:37 pm PT

Something funny is going on today with Photon Dynamics (PHTN). The company, which is an equipment supplier to the flat-panel display business, has an agreement in place to be acquired by Orbotech (ORBK) for $15.60 a share in cash. In fact, on Friday the company announced that its holders had approved the deal. So riddle me this: Why is the stock trading like something about the deal has gone very wrong?