Thursday, April 2, 2009

ESI, Zygo Terminate Merger

Portland, Oregon-based Electro Scientific Industries and Zygo Corporation said Thursday afternoon that they have terminated their plan for a merger. The firms said that ESI would receive $5.4M in a break up fee, relating to Zygo's board withdrawing its recommendation in favor of the merger. The firm's merger stumbled in January, after ESI reported lower than expected results, and Zygo's board decided to recommend against the merger.