Photon Dynamics buyout awaits regulatory approval

By Associated Press
September 10, 2008 | Comments (0)

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Photon Dynamics Inc., which makes test equipment for liquid crystal displays, said Wednesday the only closing condition left for its merger with Orbotech Ltd. is clearance from the Committee on Foreign Investment in the U.S.

The waiting period for the body, which examines deals involving foreign investment, expires on Sept. 29, the company said. However, it added that a response may come sooner.

Israel-based Orbotech, which makes testing equipment used to make printed circuit boards and flat-panel displays, announced in June it would acquire Photon for $290 million.

Shares of Photon tumbled $2.26, or 15 percent, to $12.82 in afternoon trading. Orbotech shares gained 38 cents, or 3.6 percent, to $10.85.

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