Business Combinations

6 Months Ended

Dec. 25, 2011

Business Combinations [Abstract]

Business Combinations

NOTE 16 – BUSINESS COMBINATIONS

On December 14, 2011, Lam Research entered into and announced an Agreement and Plan of Merger with Novellus Systems, Inc. ("Novellus"), under which Novellus will become a wholly-owned subsidiary of Lam Research. The transaction is structured as an all stock deal that was estimated at the date of announcement to be valued at approximately $3.3 billion, based on Lam's closing stock price on the date of announcement. The ultimate transaction value will be based on Lam's stock price at the close of market on the date of the transaction close. Completion of the transaction is subject to certain closing conditions, including but not limited to approval of the transaction by the stockholders of Lam Research and Novellus, receipt of all required regulatory approvals, and other customary conditions.

In addition, on the date of announcement, the Board of Directors authorized, in conjunction with the transaction, the repurchase of up to $1.6 billion of Company common stock, which replaces the previous repurchase authorizations under the program.