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American Technical Ceramics Corp. Approves Merger with AVX

Submitted by: John Warner on Sep 23, 2007 at 6:59 pm Tagged with: Miscellany Source:

American Technical Ceramics Corp. Announces Stockholder Approval of Merger

HUNTINGTON STATION, N.Y.--(BUSINESS WIRE)--AMERICAN TECHNICAL CERAMICS CORP. (ATC) (AMEX: AMK), a leading manufacturer of high-performance electronic components, including capacitors and thin film circuits for a broad range of commercial and military applications, today announced that, at a Special Meeting of Stockholders held today at the Company’s facilities in Jacksonville, Florida, the Company’s stockholders approved the Agreement and Plan of Merger among the Company, AVX Corporation and Admiral Byrd Acquisition Sub, Inc. Pursuant to the Agreement and Plan of Merger, Admiral Byrd Acquisition Sub, Inc. will be merged with and into the Company and, at the effective time of the merger, the Company, as the surviving corporation in the merger, will become a wholly-owned subsidiary of AVX. Pursuant to the merger, each outstanding share of Company common stock will be converted into the right to receive $24.75 in cash and each outstanding option will be converted into the right to receive $24.75 in cash less the applicable exercise price with respect to each share of common stock underlying such option. The merger will be completed as soon as practicable following the satisfaction of all remaining conditions to the merger set forth in the Agreement and Plan of Merger. It is currently contemplated that the closing of the transaction will occur during the week ending September 28, 2007. As a result of the merger and effective as of the close of business on the closing date, trading in the Company’s common stock on the AMEX will be suspended. The Company will withdraw its common stock from listing on the AMEX as promptly as practicable after the merger.

American Technical Ceramics Corp. designs, develops, manufactures and markets electronic components, including ceramic multilayer capacitors and custom thin film circuits. ATC’s products are utilized in a broad range of commercial and military applications, including wireless infrastructure, fiber optics, medical electronics, semiconductor manufacturing equipment and satellite equipment. ATC is headquartered in Huntington Station, New York.

AVX Corporation is a leading worldwide manufacturer and supplier of a broad line of passive electronic components and interconnect products. AVX’s components can be found in products manufactured in a very broad range of industries worldwide. AVX is headquartered in Myrtle Beach, SC. AVX can be found on the Internet at http://www.avx.com.