Sumitomo Chemical announced that it is going to acquire Cambridge Display Technology (CDT) for $12 per share in cash - for a total of around $285 million. This represents a 107% premium over CDT's 90-day average closing share price.
Sumitomo says that it is considering its display materials business as one of its strategically important business area and an area of focus for the business resources. They expect the OLED market to see considerable market growth in the future. Sumitomo is already collaborating with CDT.