With Merger Deal Off, We’re Lowering KLA-Tencor’s Fair Value to $65 and Maintaining Lam’s at $77
KLA-Tencor and Lam Research announced on Oct. 5 that they have agreed to terminate their proposed merger agreement. Specifically, they said that the U.S. Department of Justice advised KLA and Lam that it would not continue negotiating an agreement to resolve concerns about the combination, which we surmise revolved around the significant supplier power the joint entity would have commanded. It's likely that key customers, such as Samsung in South Korea and Intel in the U.S., were not thrilled wi...Lam Research is a supplier of wafer fabrication equipment and services to the semiconductor industry. The company designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company's customer base includes semiconductor memory, foundry, and integrated device manufacturers that make products such as non-volatile memory, dynamic random-access memory, and logic devices. The company's services include customer service, spares, improvement, and refurbishment of its deposition, etch, and clean products. The company sells its products and services to companies in the United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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