Axcelis Technologies Stock Falls 4% On Merger Announcement

(RTTNews) - Axcelis Technologies, Inc. (ACLS) shares dropped 4.39 percent to $93.35 on Wednesday, down $4.60, after the company announced an all-stock merger with Veeco Instruments Inc. The stock opened at $93.50 and traded between $86.04 and $93.89, compared with a previous close of $97.64 on the Nasdaq. Trading volume reached 1.36 million shares, above the average of 495,814. Axcelis now trades within a 52-week range of $40.40 to $107.23.

The combined company is expected to have an enterprise value of approximately $4.4 billion based on Axcelis' and Veeco's recent closing prices and outstanding debt.