Lam Research Buying Novellus Systems For $3.3B

Lam Research Corp LRCX agreed to buy Novellus Systems Inc NVLS for $3.3 billion in stock. Under the trems of the deal, stockholders of NVLS will receive 1.125 shares of Lam Research common stock for each Novellus share held, representing a 28% premium over the stock's closing price on Wednesday. The deal is likely to close in the second quarter of 2012. NVLS shares surged 20.12% to $41.68 in after-hours trading, while LRCX shares fell 4% to $37.90 in after-hours trading.