Cambridge Display Technology (CDT), the OLED development company, has been sold to Sumitomo Chemical for $285m. Sumitomo paid $12 a share which is almost twice the share price before the takeover.
“The acquisition of CDT by Sumitomo Chemical will significantly enhance the prospects for P-OLED technology adoption, especially as P-OLED is looking ever more likely to become the next mainstream display technology,” said David Fyfe, chairman and CEO of CDT.
“CDT and Sumitomo Chemical have developed a more integrated and closer relationship since Sumitomo acquired a license to certain IP from CDT in 2001, culminating in the formation of a 50/50 joint venture in 2005 to develop, manufacture and sell P-OLED materials to CDT licensees and others,” added Fyfe.
Hiromasa Yonekura, president of Sumitomo Chemical, said: "The complete integration of both companies' technological and intellectual assets through this acquisition will make it possible to greatly accelerate development In recent years.”
The acquisition is expected to close during the third or fourth quarter of 2007.