Saxena White P.A. has filed a class action complaint in the Eleventh Judicial District Court of Montana, Flathead County, on behalf of the holders of the common stock of Semitool, Inc. (“Semitool”). This action seeks equitable relief relating to the proposed transaction in which all the common stock of Semitool will be acquired by Applied Materials, Inc. (“AMI”) for $11.00 per share.

On November 17, 2009, AMI announced that it would commence a tender offer for the acquisition of Semitool.  Under the terms of the Proposed Transaction, AMI will acquire all of the outstanding shares of Semitool common stock for $11.00 per share.

This proposed transaction comes just weeks after Semitool announced an impressive improvement in business conditions in an October 6th press release, noting fourth quarter bookings of $71.7 million and that “Bookings volume was more than double the company’s fiscal third quarter orders of $32.6 million and nearly three times its second quarter bookings of $24.6 million.  It also represented the largest sequential bookings increase since Semitool went public in 1995.”

Semitool’s financial results indicate that the Company is currently poised to achieve significant success in the near future.  Rather than permitting Semitool’s shares to trade freely and allowing its public shareholders to reap the benefits of the Company’s prospects, Semitool management effectively placed a cap on Semitool’s corporate value at a time when the  stock price was trading far below its inherent value and when it was poised to capitalize on its positive and encouraging financial outlook.

In addition, the disclosures in the Semitool tender offer documents do not fully explain the process that Semitool management and advisors underwent to analyze the AMI offer. Thus, shareholders are at a distinct disadvantage in analyzing whether to tender their shares at the current offer of $11.00 per share.  Expedited proceedings have been requested and are under consideration by the Court.

A copy of the most recently filed amended complaint is available, and may be obtained by contacting the firm at gstone@saxenawhite.com, or calling our offices at (561) 394-3399, extension 16.