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Novellus Systems, Inc. Investor Files Lawsuit Against Directors To Block Merger With Lam Research

  • If you purchased shares of Novellus Systems, Inc. (Public, NASDAQ:NVLS) before December 15, 2011and currently hold those NVLS shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Novellus Systems, Inc.
Security
NASDAQ: NVLS

Case Name
Novellus Systems Deal Case 12/16/2011
Type of Lawsuit
Mergers and Acquisition
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Summary

San Diego, Dec. 16, 2011 (Shareholders Foundation) -- An investor in Novellus Systems, Inc. (Public, NASDAQ:NVLS) filed a lawsuit in State Court for current investors in the Novellus Systems, Inc. (NVLS) in effort to block the proposed merger of Novellus Systems, Inc. with Lam Research Corporation.
On Thursday, December 15, 2011, Lam Research Corp. (LRCX) announced that it has entered into a merger agreement to acquire Novellus Systems, Inc. (NVLS) in an all-stock transaction valued at approximately $3.3 billion. Under the terms of the proposed transaction, Novellus Systems stockholders will receive 1.125 shares of Lam Research common stock for each share of Novellus Systems that they own, in a tax-free exchange. Based on the closing price of Lam Research's stock on December 14, 2011, the transaction values Novellus at a price of $44.42 per common share. Following the takeover proposal shares of Novellus Systems, Inc. (NVLS) jumped from $34.71 on Wednesday to $42.49 per share on Thursday.

However, the plaintiff alleges that the offer undervalues Novellus Systems, Inc. In fact, shares of Novellus Systems (NVLS) traded as high as $41.69 per share as recently as March 2011, leaving certain Novellus stockholders with only a meager premium. Furthermore, NVLS shares grew at an exceptional growth rate from as low as $11.28 in Nov 2008 to over $41 per share in March 2011.