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AUGUST 2019    TAP TIMES          -4-             Finally, on April 27, 2015—nearly nine
                                                                months after Applied had announced the
                                                                birth of Eteris—the U.S. Dept. of Justice is-
                Applied Materials (from 3)                      sued a solemn pronouncement.

        tomers’ high-value problems better, faster              Competitive concerns
        and at lower cost.”                                     The Justice’s news release said the merger

                                                                was off and that both sides had abandoned
                     Dickerson’s opposite number,               their plans for the deal.
                     Tetsura Higashi, chairman, pres-
                     ident and CEO of TEL (left), was           The final, unhappy word dropped like a
                     no less enthusiastic about the             ton of coal after the Justice Dept. said the
                     combination’s future:                      merger was anti-competitive.  Although

                                                                both sides had offered modifications and
                                                                concessions to the deal to make it less
        “A bold step forward”                                   anti-competitive, it did not win Justice ap-
        “Today we are launching a new company                   proval.
        and are taking a bold step forward for our

        As they waited for the needed government
        approvals, the combined merger of equals
        decided for maximum impact they would
        disclose the new corporate name at SEMI-
        CON West 2014 on July 14.

        Finally the unveiling was here:  Eteris,
        “derived from the concept of eternal inno-
        vation for society, the name embodies the
        spirit of what will drive the new company
        and speaks to what makes the combina-
        tion unique.”
                                                                If the Eteris merger had been completed, the addition of
        Applied released a photo with the towering              TEL’s  equipment,  such  as  this  plasma  etch  unit,  would
        Dickerson and the smiling Higashi holding               have given the combined companies a near-lock on the
        an “Eteris” sign.                                       front-end semiconductor equipment market. (TEL Ltd.)
                                                                This was a significant blow to the Japanese
                                                                equipment maker.  Chip giant Intel had just
        The best laid plans                                     invested in TEL’s major competitor, Nether-
        The best laid plans—and certainly Applied               lands-based ASML, although in 2018 it re-
        and TEL—had spared no expense in push-                  duced its equity to 3 percent.
        ing this merger to a successful conclusion.
                                                                Intel’s goal was to help ASML develop next
        As the excitement over the coming merger                generation lithography systems for 450mm
        faded into the background and people                    wafers, a size that may never be seen.
        went about their daily business, the
        months slipped by without a final merger                Also, the Justice Department’s merger den-
        announcement.                                           nial came at the tail end of the recession,

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