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

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