Key Highlights
- BE Semiconductor Industries reached a record €199.85 on Friday following Reuters’ disclosure of acquisition interest from major US semiconductor equipment manufacturers
- Among the interested parties is Lam Research (LRCX); Applied Materials (AMAT), which owns a 9% stake, is also considering a bid
- Morgan Stanley has been engaged by BESI to assess the takeover proposals
- Negotiations kicked off in mid-2025 but were temporarily halted early this year amid US-EU diplomatic friction over Greenland; talks have now restarted
- Dutch national security regulations would mandate government review of any transaction
Shares of BE Semiconductor Industries rocketed up to 14% on Friday, reaching an all-time high, after Reuters disclosed that the Dutch semiconductor packaging equipment specialist has attracted buyout interest from two American industry giants: Lam Research and Applied Materials.
The Amsterdam-listed stock was trading approximately 10% higher at €194.25, valuing the company at about €14 billion ($16.2 billion).
During Friday’s session, the stock touched €199.85 at its highest point — more than doubling from the €79.62 low recorded in April 2025, when concerns about US tariff policies were pressuring semiconductor stocks.
According to two individuals with knowledge of the situation, BESI has retained Morgan Stanley to review the acquisition proposals. The investment banking firm has not provided any statement on the matter.
One source indicated that Lam Research (LRCX) has been in substantive discussions with the Dutch company. Shares of LRCX declined roughly 4.3% following the news.
Applied Materials (AMAT) also features among the prospective acquirers. The California-based company purchased a 9% ownership position in BESI during April 2024, establishing itself as the company’s largest shareholder. AMAT stock dropped approximately 3.9% on Friday.
That initial stake acquisition had already telegraphed potential intentions. When the investment was publicly disclosed in October 2025, BESI’s shares jumped 12% in one trading session as market participants began factoring in the possibility of a complete acquisition.
Strategic Technology Driving Interest
The pursuit by both semiconductor equipment giants centers on a singular asset: BESI’s hybrid bonding capabilities.
This advanced technique creates direct chip-to-chip connections through copper-to-copper bonding, delivering superior data transmission speeds and reduced energy usage. The technology has become increasingly critical as semiconductor manufacturers strive to satisfy requirements from artificial intelligence and high-performance computing sectors.
Advanced chip packaging has emerged as a significant constraint across the semiconductor ecosystem. BESI and Applied Materials have maintained a collaborative relationship on hybrid bonding technology for several years, positioning AMAT as a logical acquisition candidate.
In April 2025, Degroof Petercam analyst Michael Roeg noted that BESI shareholders “will assume that Applied Materials will eventually want to buy the entire company.”
Regulatory Challenges Loom
Closing any transaction won’t be without obstacles. Initial discussions among the interested parties commenced in mid-2025 but were suspended earlier this year following diplomatic friction between the United States and European Union triggered by President Donald Trump’s attempts to acquire control of Greenland.
Dutch legislation requires national security clearance for acquisitions involving companies possessing strategic technologies — a requirement that could extend timelines or complicate any prospective deal.
Notwithstanding the temporary suspension, sources indicate that Lam Research maintains its interest and has engaged in recent conversations with BESI.
BESI’s official response was minimal. The company stated it would not address “market rumours” and reaffirmed its dedication to pursuing its strategic objectives as an independent entity. Lam Research has not yet provided comment on the reports.
BESI shares were trading 10.44% higher at €194.25 as of the latest update.
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