Displays head East

The Sumitomo Chemical Company is to acquire Cambridge Display Technology for $285m.


The Sumitomo Chemical Company is to acquire Cambridge Display Technology, the UK-based developer of polymer organic light emitting diodes (P-OLEDs).


Under the merger agreement, Sumitomo Chemical will acquire all outstanding shares of CDT common stock at a price of $12 per share in cash, for an aggregate purchase price of approximately $285m.


Completion of the merger is subject to CDT stockholder approval and other customary closing conditions.


The acquisition is expected to close during the third or fourth quarter of 2007.