LONDON — Nikon Corp has bid to acquire 3D inspection equipment manufacturer Metris NV (Leuven, Belgium) in a cash deal valued at Euros 72 million ($102 million).
Shares in the Belgian group rose by as much as 114.7 percent to Euros 5.71 Thursday (June 4) to match the Euros 5.50 ($7.80) price per share the Japanese group is offering, having been suspended since May 26 when it closed at 2.66 Euros.
Nikon is betting that the Belgian firm's noncontact laser measurement device operations will bolster its global precision instrument segment.
Coming under pressure from slack sales in the semiconductor industry, Nikon said it expects the Metris purchase to serve as a cash generator in the long-term.
Metris was formed in 1998 and focuses on supplying mainly the automobile and aircraft industries, whereas Nikon sells instrumentation gear primarily to the semiconductors sector.
"By combining the products handled by both companies, it will be possible not only to significantly strengthen the product lineup of the Nikon Group, but also strengthen the customer base," the offer document suggests.
In terms of geography, the document adds integration of Metris into the Nikon Group would strengthen Nikon's sales channels in the European and U.S. markets and create sales opportunities for Metris products in the Japanese and other Asian markets, thus making it possible to expand the earnings bases of both companies.
Metris lost Euros 14 million net in 2008, a reversal from the Euros 6.97 million net profit it posted a year earlier, on revenues of Euros 88.7 million, down from Euros 92.84 million in 2007.
Bart Van Coppenolle, Chief Executive Officer of Metris and the board of the company are backing the takeover bid.
As of last December, Metris employed 540 people, mainly in Belgium but with production and development centers in the UK, Italy, US, Canada and China as well.
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