Novellus Systems Inc. (NVLS) skyrockets today after the company agreed to be acquired by Lam Research Corp (LRCX) in an all-stock transaction deal valued at about $3.3 billion. This is a combination of two of the chip-equipment industry’s biggest companies. The transaction values Novellus at a price of $44.42 per share. Upon closing, LRCX and NVLS shareholders will own approximately 59% and 41%, respectively.
NVLS is now trading at $41.92 at 11:43AM EST on Thursday, up 20.81% or $7.22 from yesterday’s close. Here is a list of hedge funds that may gain a lot due to the price movement.
1. Eminence Capital – Ricky Sandler: gains $25.70 million
2. Royce & Associates – Chuck Royce: gains $14.40 million
3. Aletheia Research and Management – Peter J. Eichler Jr.: gains $8.71 million
4. AQR Capital Management – Cliff Asness: gains $3.63 million
5. Renaissance Technologies – Jim Simons: gains $3.59 million
6. Bridgewater Associates – Ray Dalio: gains $3.38 million
7. Millennium Management – Israel Englander: gains $1.20 million
8. SAC Capital Advisors – Steven Cohen: gains $1.19 million
9. Gotham Asset Management – Joel Greenblatt: gains $1.08 million
10. Adage Capital Management – Phill Gross and Robert Atchinson: gains $687 thousand
DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in NVLS since the end of September. We did not take into account their option positions.