Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

MAK Capital To Vote in Favor of AMETEK, Inc. (AME)’s Acquisition of Zygo Corporation (ZIGO)

Michael Kaufman‘s MAK Capital One has disclosed in a filing with the Securities and Exchange Commission entering into a voting agreement with AMETEK, Inc. (NYSE:AME), under the terms of which the fund will vote in favor of the merger between Zygo Corporation (NASDAQ:ZIGO) and AMETEK. MAK Capital owns around 4.37 million shares of Zygo Corporation, the stake amassing over 23% of the outstanding shares.

Zygo Corporation (NASDAQ:ZIGO)

At the end of last week, AMETEK, Inc. (NYSE:AME) and Zygo entered into a merger agreement, under the terms of which, AMETEK will acquire Zygo Corporation (NASDAQ:ZIGO) at $19.25 per share, taking the total value of the deal to $280 million. The board of directors of Zygo unanimously voted in favor of the merger.

Zygo Corporation (NASDAQ:ZIGO) is engaged in the design and production of high-precision measurement tools. Its stock price advanced by over 30% since the beginning of the year, a significant boost coming on the back of the merger announcement. The company reported EPS of $0.27 for the second quarter of its fiscal 2014, significantly up from $0.06 a year earlier.

Chuck Royce‘s Royce & Associates, Mario Gabelli‘s GAMCO Investors and Jim Simons‘ Renaissance Technologies also hold substantive positions in Zygo Corporation (NASDAQ:ZIGO). As at the end of 2013, Royce held around 665,800 shares, while GAMCO and Renaissance’s stakes amass 295,000 and 229,500 shares respectively.

At the end of last year, Zygo Corporation represented the second-largest holding in MAK Capital’s equity portfolio in terms of value. On the first spot was Agilysys, Inc. (NASDAQ:AGYS), in which the fund held 7.06 million shares, reportedly worth $98.25 million. In Orbotech Ltd (NASDAQ:ORBK), the fund also held a significant position, which contained almost 2.20 million shares, valued at $29.68 million.

Disclosure: none

Recommended Reading:

Criterion Capital Bullish On Veeva Systems Inc (VEEV), Further Raises Stake To Nearly 20%

Shah Capital Management’s Latest 13F Shows Strong Focus on Industrial Goods and Technology Companies

John Horseman Is Betting Big On Financial Stocks And Gold Mining Companies

Loading Comments...
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!