Key Highlights
- BESI shares reached a record €199.85 on Friday following a Reuters report about potential acquisition offers from American semiconductor equipment manufacturers
- Lam Research (LRCX) has been identified as one of the interested parties; Applied Materials (AMAT) already owns a 9% position and is also considering a bid
- Morgan Stanley has been engaged by BESI to assess the incoming proposals
- Initial negotiations started in the middle of 2025 but were temporarily halted early in the current year amid U.S.-EU diplomatic friction over Greenland; talks have now restarted
- A potential transaction would need to pass through a Dutch national security examination
Shares of BE Semiconductor Industries climbed as much as 14% to an unprecedented peak on Friday following a Reuters report indicating that the Netherlands-based chip-packaging equipment manufacturer is receiving acquisition proposals from two American industry giants: Lam Research and Applied Materials.
The Amsterdam-listed equity closed the session approximately 10% higher at €194.25, translating to a market capitalization of about €14 billion ($16.2 billion).
During intraday trading, the stock touched €199.85, representing more than a 150% increase from its April 2025 trough of €79.62 — a level reached when concerns about American tariff policies were pressuring semiconductor stocks.
According to two individuals with knowledge of the situation, BESI has retained Morgan Stanley to review the incoming offers. The financial advisory firm refused to provide commentary.
One source indicated that Lam Research (LRCX) has been engaged in substantive negotiations with the Dutch company. Shares of LRCX declined roughly 4.3% following the disclosure.
Applied Materials (AMAT) has also emerged as a prospective acquirer. The semiconductor equipment giant purchased a 9% ownership position in BESI in April 2024, establishing itself as the company’s largest shareholder. AMAT stock fell approximately 3.9% on Friday.
That initial stake acquisition had already telegraphed potential intentions to market participants. When the investment was disclosed publicly in October 2025, BESI’s stock surged 12% in one trading session as speculation mounted about a complete takeover.
Strategic Technology Driving Acquisition Interest
The attraction from both American companies centers on a specific capability: BESI’s hybrid bonding technology.
This advanced process creates direct chip-to-chip connections using copper-to-copper interfaces, facilitating enhanced data transfer speeds and reduced energy consumption. The technology has become increasingly critical as semiconductor manufacturers strive to satisfy surging demand from artificial intelligence and high-performance computing sectors.
Advanced packaging techniques are now broadly recognized as a constraint for the broader semiconductor ecosystem. BESI and Applied Materials have collaborated on hybrid bonding development for several years, positioning AMAT as a logical acquirer.
Degroof Petercam analyst Michael Roeg commented in April 2025 that BESI investors “will assume that Applied Materials will eventually want to buy the entire company.”
Regulatory Challenges Loom Over Transaction
Achieving a successful transaction won’t be without obstacles. Negotiations between the interested parties commenced in mid-2025 but were suspended earlier this year following diplomatic strain between the United States and the European Union related to President Donald Trump’s efforts regarding Greenland.
According to Dutch regulatory frameworks, any acquisition involving a company possessing strategic technology assets must undergo a national security assessment — a requirement that could introduce complications or extend the timeline for any potential deal.
Notwithstanding the temporary suspension, sources indicate that Lam Research maintains its interest and has recently reengaged in discussions with BESI.
BESI offered minimal public commentary on the matter. 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 a response to inquiries.
BESI shares were trading 10.44% higher at €194.25 at the time of publication.
