NORWOOD, Mass., Feb. 22, 2018 (GLOBE NEWSWIRE) -- Xcerra (Nasdaq:XCRA) and Hubei Xinyan Equity Investment Partnership today announced that they have mutually agreed to withdraw their joint voluntary filing to the Committee on Foreign Investment in the United States (CFIUS) in relation to their proposed transaction and have terminated their merger agreement.
“We believe that our transaction with Xinyan was in the best interests of our shareholders, our customers, and our employees. Despite our best efforts to secure approval, it has become evident that CFIUS will not clear this transaction and we and Xinyan have mutually decided to terminate our merger agreement,” said Dave Tacelli, president and CEO of Xcerra Corporation.
“Xcerra is a strong and well-positioned company. The business environment remains robust for all of our semiconductor test products and bare-board flying probe test systems, and we will continue to innovate and unlock opportunities for the business in existing and new markets.”
“Our transaction with Xinyan was about enabling Xcerra to accelerate its growth in the China market as well as broadening and strengthening our customer relationships around the world. While we are disappointed that we were not able to receive approval from CFIUS on this transaction, Xcerra and Xinyan are discussing alternatives to pursue opportunities in new and existing markets in China.”
Xcerra Corporation is comprised of four powerful brands in the semiconductor and electronics manufacturing test markets: atg-Luther & Maelzer, Everett Charles Technologies, LTX-Credence and Multitest. The combination of these businesses creates a Company with a broad spectrum of semiconductor and PCB test expertise that drive innovative new products and services, and the ability to deliver to customers fully integrated semiconductor test cell solutions. The Company addresses the broad, divergent requirements of the mobility, industrial, automotive and consumer end markets, offering a comprehensive portfolio of solutions and technologies, and a global network of strategically deployed applications and support resources. Additional information can be found at www.xcerra.com or at each product group’s website; www.atg-lm.com, www.ectinfo.com, www.ltxc.com and www.multitest.com.
Vice President, Investor Relations
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