Zygo Corp. rejected a $170 million takeover bid from a Pennsylvania optical-technology rival, saying the Middlefield firm is in the best position to recover its business as an independent.
II-VI Inc., based in Saxonburg, Pa., a Pittsburgh suburb, aired its unsolicited $10-a-share bid for Zygo on Jan. 7.
Both companies make optical devices used to measure fine tolerances in manufacturing semiconductors and industrial equipment.
Chris Koliopoulos, a technology industry veteran who in the span of three months was hired as president and CEO, and on Friday named chairman, said Zygo is prepared to go it alone.
“The board strongly believes Zygo’s shareholders will be best served by keeping the company independent and pursuing its long-term strategy,” Koliopoulos said in a statement Monday.
He said Zygo already is moving ahead to leverage the recovery building in its optical and metrology markets. The company said recently that order bookings are 26 percent higher than a year earlier.
II-VI did not immediately respond to a call for comment.
At noon, Zygo shares were down 91 cents, or 8.6 percent, at $9.69.
