Mattson Technology, Inc. (NASDAQ:MTSN) shares are up significantly in premarket trading after the company has announced that they have agreed to an acquisition deal in which Beijing E-Town Dragon Semiconductor Industry Investment Center will purchase all outstanding shares for $3.80 per share. The move has sent the stock up $0.53 to $3.63 in premarket trading this morning (17.1% over yesterday’s closing price.
“In E-Town Dragon, we have found a partner who brings to Mattson unique investment experience with a rich, global network and a commitment to grow Mattson into one of the industry’s preeminent semiconductor equipment companies,” said Fusen Chen, Mattson Technology, Inc. (NASDAQ:MTSN) CEO and President. “We are pleased to have entered into this agreement with E-Town Dragon, which we believe represents significant value for our stockholders and will facilitate continued innovation for our customers.”
While the deal has been agreed to and approved by the company’s board of directors by a unanimous vote, it is still subject to being approved by shareholders of MTSN, as well as other regulatory agencies.
The stock closed at $3.1 during the last trading session. It is down 9.88% since April 29, 2015 and is downtrending. It has underperformed the S&P500 by 9.68%.
From a total of 2 analysts covering Mattson (NASDAQ:MTSN) stock, 1 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 50% of the ratings are positive. The highest target price is $3.50 while the lowest target price is $3. The mean of all analyst targets is $3.25 which is 4.84% above today’s ($3.1) stock price. Mattson was the topic of 3 analyst reports since October 9, 2015 according to the firm StockzIntelligence Inc. Needham downgraded shares on December 2 to a “Hold” rating.
The institutional sentiment decreased to 1.26 in Q2 2015. It’s down 0.32, from 1.58 in 2015Q1. The ratio dived, as 27 funds sold all their Mattson Technology, Inc. shares they owned while 23 reduced their positions. 33 funds bought stakes while 30 increased their total positions. Institutions now own 54.39 million shares which is 10.98% more than the previous share count of 49.01 million in 2015Q1.
Mirador Capital Partners Lp holds 100% of its total portfolio in Mattson Technology, Inc., equating to 1.19 million shares. Firsthand Capital Management Inc. owns 3.78 million shares representing 7.99% of their total US portfolio. Moreover, Adirondack Research & Management Inc. has 1.97% of their total portfolio invested in the company, equating to 1.60 million shares. The New York-based Tanaka Capital Management Inc has a total of 1.83% of their portfolio invested in the stock. Paradigm Capital Management Inc Ny, a New York-based fund reported 4.11 million shares owned.
Mattson Technology, Inc. designs, makes, markets and supports semiconductor wafer processing equipment used in the fabrication of integrated circuits (ICs). The company has a market cap of $233.17 million. The Firm supplies plasma and rapid thermal processing equipment to the global semiconductor industry. It has 14.97 P/E ratio. The Firm operates in four primary product sectors: dry strip, etch, conventional rapid thermal processing (RTP) and millisecond anneal (MSA).