Applied Materials Inc. (AMAT) and Tokyo Electron Limited announced Monday morning that they have agreed to terminate their Business Combination Agreement. The decision was made after the U.S. Dept. of Justice indicated that it had concerns over the deal, due to the reduction in competition it would cause.
Applied Materials gapped open sharply lower Monday and fell during the first half hour of trade. The stock finished down by 1.83 at $19.97 on the highest volume of the year. Applied Materials sank to a 6-month low.
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