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ASM International NV, which makes semiconductor equipment and materials, said Friday that Applied Materials Inc. and Francisco Partners will no longer pursue an offer to buy the Dutch company's front-end operations.
U.S.-listed shares of ASM plunged on the news, losing $2.44, or 24.2 percent, to $7.66 in morning trading. Earlier, the stock hit a new low of $7.38, a level not seen since 2002.
Bilthoven, the Netherlands-based ASM announced in June that it received a combined unsolicited bid from the companies that was valued at up to $800 million.
On Friday, ASM said it received information from Applied Materials and Francisco Partners that they will no longer pursue the offer.
ASM spokesman Ian Bickerton declined further comment. A Francisco Partners representative also declined to comment and an Applied Materials spokesperson was not immediately available.
ASM's front-end segment includes production technology for wafer processing.
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