Key Takeaways
- BESI reached a record €199.85 per share on Friday following Reuters reports of acquisition interest from major U.S. semiconductor equipment manufacturers
- Lam Research (LRCX) has engaged in active discussions with the company; Applied Materials (AMAT) owns a 9% stake and represents another potential acquirer
- Morgan Stanley has been retained by BESI to assess the incoming proposals
- Initial discussions commenced in mid-2025, experienced a temporary halt at the start of this year amid U.S.-EU diplomatic tensions regarding Greenland, and have subsequently restarted
- Dutch national security regulations would mandate a government review of any proposed transaction
Shares of BESI climbed as high as 14% to reach an all-time peak on Friday after Reuters disclosed that the Amsterdam-based chip-packaging equipment manufacturer has received acquisition proposals from two prominent American companies: Lam Research and Applied Materials.
The shares closed the session up approximately 10% at €194.25, valuing the publicly traded enterprise at around €14 billion ($16.2 billion).
During intraday trading, the stock touched €199.85, representing more than a 150% gain from its April 2025 trough of €79.62 — a low point reached during a period when tariff concerns created headwinds for the semiconductor sector.
According to two individuals with knowledge of the situation, BESI has engaged Morgan Stanley to assess the acquisition proposals. The investment banking firm has chosen to withhold comment.
One source indicated that Lam Research (LRCX) has maintained ongoing conversations with the Dutch company. Shares of LRCX declined approximately 4.3% following the disclosure.
Applied Materials (AMAT) represents another interested party. The California-based company purchased a 9% ownership position in BESI during April 2024, establishing itself as the company’s top shareholder. AMAT stock dropped roughly 3.9% on Friday.
The strategic stake acquisition had already telegraphed potential intentions to market observers. When the position became publicly known in October 2025, BESI shares surged 12% in one trading session as the market began factoring in the probability of a complete acquisition.
The Technology at the Center of It All
The competitive interest from both semiconductor equipment leaders centers on BESI’s hybrid bonding technology.
This innovative process creates direct chip-to-chip connections through copper-to-copper interfaces, delivering enhanced data transmission speeds and reduced energy consumption. The capability has become increasingly valuable as semiconductor manufacturers work to satisfy growing requirements from artificial intelligence and high-performance computing sectors.
Advanced packaging techniques now represent a critical constraint for the broader semiconductor ecosystem. BESI and Applied Materials have collaborated on hybrid bonding development for an extended period, positioning AMAT as a logical acquisition candidate.
Degroof Petercam analyst Michael Roeg commented in April 2025 that BESI shareholders “will assume that Applied Materials will eventually want to buy the entire company.”
Deal Faces Regulatory Hurdle
The transaction pathway presents several challenges. Negotiations between the interested parties launched in mid-2025 but encountered a suspension at the beginning of this year when diplomatic friction developed between the United States and European Union following President Donald Trump’s proposals regarding Greenland.
Dutch regulatory frameworks require any purchase of an enterprise possessing strategic technology to undergo a national security assessment — a procedure that could extend timelines or introduce complications to a prospective deal.
Following the temporary suspension, sources indicate that Lam Research maintains its interest and has conducted recent discussions with BESI.
BESI issued a measured response to the reports. The company chose to refrain from commenting on “market rumours” and emphasized its ongoing dedication to pursuing its strategic plan as an independent entity. Lam Research has yet to provide a response to requests for comment.
BESI shares concluded trading up 10.44%, with the stock priced at €194.25 at the time of publication.
