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Axcelis, Sumitomo agree on confidentiality talks

By Associated Press
June 6, 2008 | Comments (0)

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Microchip component maker Axcelis Technologies Inc. said Friday it entered into a confidentiality agreement with Japanese machinery manufacturer Sumitomo Heavy Industries Ltd. and TPG Capital in regards to a possible sale of Axcelis.

In March, Axcelis rejected a takeover bid from Sumitomo that valued the company at $630 million.

Last month, three members of Axcelis' board offered to resign after receiving less than a majority of shareholder votes, but the board refused to accept the resignations saying it would not be in the company's best interests.

Axcelis shares closed Thursday at $5.86.

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