Axcelis considering higher offer from Sumitomo

Axcelis Technologies Inc. said today that its board of directors will evaluate a new unsolicited takeover proposal from Japanese conglomerate Sumitomo Heavy Industries Ltd. that values Axcelis at $630 million.

A previous offer from Sumitomo made last month valued Axcelis, a Beverly company that provides equipment to the semiconductor industry, at $544 million.

The new offer proposes to buy all Axcelis common stock for $6 per share, up from $5.20 per share in the earlier offer.

In mid-day trading on the Nasdaq Stock Market, Axcelis shares were trading at $5.53, up 16 cents.

Axcelis's board rejected the earlier offer on the grounds that it valued Axcelis too cheaply.

Axcelis said the new offer from Sumitomo included language that said that Sumitomo does not intend to increase its price again.

About 25 years ago, Sumitomo, a conglomerate that sells everything from machine tools to mortgages, and Axcelis formed a joint venture called SEN Corp. to sell in Japan ion-implantation gear used in the making of computer chips.

When Sumitomo made its offer last month, a Sumitomo executive expressed concern about Axcelis's "inability to keep pace with its competitors."

That inability to keep pace, an analyst said then, was causing SEN to lose some Japanese customers.
(By Chris Reidy, Globe staff)