Orbotech’s Acquisition of Photon Dynamics

Orbotech Ltd. and Photon Dynamics announced that they have entered into an Agreement and Plan of Merger and Reorganization pursuant to which Orbotech will acquire Photon Dynamics. Under the terms of the Agreement, Orbotech will pay $15.60 per share in cash for all the issued and outstanding shares of Photon Dynamics’s common stock, resulting in an aggregate merger consideration value for the transaction of approximately $290 million. Cravath is representing Orbotech in this acquisition. The lawyers involved in this matter are partner Richard Hall, retired partner Martin L. Senzel, associates Marvin B. Tagaban, Tuire Kuronen and Wendy Ng and summer associate Thomas H. McElroy on corporate matters; partner Andrew W. Needham and associate Anne Kim Choi on tax matters; partner Jeffrey A. Smith and associate Matthew Morreale on environmental matters; partner Kevin J. Grehan and senior attorney Martin R. Levine on real estate matters; and partner Eric W. Hilfers and associates Lori Diamond Goodman, M. C. Tania Balthazaar and Ali U. Nardali on executive compensation and benefits matters. The deal was announced on June 26, 2008.