Coherent Acquires Lambda Physik AG

SANTA CLARA, Calif., August 15 -- Coherent Inc. announced it has completed its tender offer for the outstanding shares of its Lambda Physik AG subsidiary, based in Gottingen, Germany. The offer was made through Coherent’s German holding company, Coherent Holding GmbH, at 9.25 euros per share.

A total of 93.95 percent of Lambda's registered share capital, inclusive of shares Coherent already owns, was acquired in the offer.

Coherent said efforts are underway to acquire additional shares in order to achieve 95 percent ownership, which will call for a shareholders meeting to adopt a squeeze-out resolution to acquire 100 percent ownership. It said it plans to convert Lambda Physik from a stock corporation to a limited liability company, which will result in Lambda shares being delisted from the Frankfurt Stock Exchange.

Dirk Basting, founder and chairman of Lambda's management board, resigned from his office upon completion of the tender offer, and was replaced by John Ambroseo, Coherent's president and CEO.

Coherent, based in Santa Clara, Calif., makes laser-based photonics products, including computer-controlled laser systems, aluminum-free high-power diode lasers, laser test and measurement equipment and optomechanical products for commercial, scientific research and medical markets. Lambda Physik makes pulsed ultraviolet (UV) and tunable laser sources for scientific, medical, lithography and industrial applications.

Ambroseo said, "The completion of the tender will allow us to maximize the synergies of the combined companies by leveraging our technology portfolio, management expertise and service organizations to optimize performance. Excimer laser technology remains unique in its ability to produce large quantities of ultraviolet light.

"This capability is a key enabler for the semiconductor lithography and TFT markets," he said. "There are few opportunities in photonics equivalent to lithography. Lambda possesses the core technology to serve its customers, the customers strongly desire a viable second source in lithography and Coherent's world-renowned service network will further strengthen the combined companies."

For more information, visit: www.coherent.com