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  • LTX-Credence Issues Statement Following Announcement by Verigy of Receipt of Competing Unsolicited Proposal

    Published on December 7, 2010

    California : LTX-Credence Corporation has issued the following statement:

    “We continue to believe that the combination of LTX-Credence and Verigy is in the best interests of both companies’ shareholders, customers, and employees. The highly complementary product portfolio and customer bases of the two companies create additional growth opportunities for the combined entity, bringing with it the potential for value creation for Verigy and LTX-Credence shareholders. For these reasons, we also believe that a combination of LTX-Credence and Verigy would be a far better outcome for the customers and employees of Verigy than an acquisition of Verigy by Advantest.

    “We believe that any proposal for Advantest to acquire Verigy would likely receive extensive regulatory reviews given the significant customer and product overlap which could lead to potential closing risk, or risk of restrictions in several countries. The merger between LTX-Credence and Verigy can be expected to close much sooner than any potential acquisition of Verigy by Advantest.

    “The definitive merger agreement we entered into on November 17, 2010 remains in effect, and we intend to preserve our shareholder value by protecting our rights under that agreement.”