MIGDAL HA'EMEK, Israel, June 19, 2019 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT) is pleased to announce that, further to previous reports, the transaction between Camtek, Priortech Ltd., the controlling shareholder of Camtek, and Chroma ATE Inc. (TAIEX: 2360) has been completed.
As part of the transaction, Chroma acquired a total of 6,117,440 shares of Camtek for $58.1 million from Priortech, the parent company of Camtek, and a further 1,700,000 new shares issued by Camtek for $16.2 million. The total cash consideration amounts to $74.3 million, representing $9.50 per share which reflects a 29% premium on Camtek's closing price on the NASDAQ as of February 8, 2019 (the last trading day prior to the signing of the transaction). Following the closing of the transaction, Chroma now holds approximately 20%, while Priortech holds approximately 24% of the total issued and outstanding shares of the Camtek.
In addition, at the closing of the transaction the following agreements entered into effect: (i) a technological cooperation agreement between Camtek and Chroma; (ii) a shareholders rights agreement between Priortech and Chroma; and (iii) the second amended and restated registration rights agreement between Camtek, Chroma and Priortech (which provides Chroma and Priortech with certain rights in connection with participation in the issuance of Camtek shares and the registration of Camtek shares held by Chroma and Priortech following the closing of the transaction).
Finally, with the closing of the transaction, the board of directors of Camtek now includes two representatives of Chroma, and Mr. Rafi Amit has begun serving as the Chairman of the Board of Directors, concurrently with his continued tenure as the CEO.
About Camtek Ltd.
Camtek is a leading manufacturer of metrology and inspection equipment and a provider of software solutions serving the Advanced Packaging, Memory, CMOS Image Sensors, MEMS, RF and other segments in the mid end of the semiconductor industry.
Camtek provides dedicated solutions and crucial yield-enhancement data, enabling manufacturers to improve yield and drive down their production costs.
With eight offices around the world, Camtek has best-in-class sales and customer support organization, providing tailor-made solutions in line with customers' requirements.
This press release is available at http://www.camtek.com
SOURCE Camtek Ltd.