BESI surged as much as 14% to a record high on Friday, following reports that the Dutch chip-packaging equipment maker is attracting takeover interest from two major U.S. players: Lam Research and Applied Materials. The company’s stock reached €199.85, climbing significantly from an April 2025 low of €79.62, a period when concerns over U.S. tariffs loomed large.
Last traded at around €194.25, the Amsterdam-listed firm now boasts a market cap of approximately €14 billion ($16.2 billion). This remarkable ascent has captured the attention of investors and industry analysts alike.
BESI has engaged Morgan Stanley to evaluate the acquisition inquiries, although the investment bank has refrained from making any public comments regarding the developments. Among the interested parties, Lam Research (LRCX) has reportedly been in active discussions with BESI; however, LRCX shares fell about 4.3% on the news.
Applied Materials (AMAT), the largest shareholder with a 9% stake acquired in April 2024, is also emerging as a potential buyer. On the same day, AMAT’s shares dipped approximately 3.9%.
Last October, when news of AMAT’s stake initially surfaced, BESI shares skyrocketed 12% in a single session, reflecting market confidence in a potential takeover.
The Technology Driving Interest
The intrigue surrounding BESI primarily hinges on its innovative hybrid bonding technology. This advanced process directly connects chips through copper-to-copper links, facilitating faster data transfer and enhancing power efficiency. As demand escalates for AI and high-performance computing, advanced packaging has become crucial, positioning companies like BESI at the forefront of the semiconductor revolution.
For years, BESI and Applied Materials have collaborated on hybrid bonding projects, making AMAT’s interest in a full acquisition a natural evolution given their shared goals and expertise.
Analyst Michael Roeg of Degroof Petercam observed back in April 2025 that BESI shareholders “will assume that Applied Materials will eventually want to buy the entire company.”
Navigating Regulatory Challenges
However, the road to a potential deal is fraught with complexities. Initial discussions began in mid-2025 but were temporarily halted earlier this year amid increasing tensions between the U.S. and the European Union over geopolitical issues, including President Donald Trump’s focus on Greenland.
Under Dutch law, any acquisition involving a company with strategic technology is subject to a national security review, a process that could introduce delays or complications to any future transaction.
Nevertheless, recent reports suggest that Lam Research maintains interest and has resumed talks with BESI about a possible acquisition.
BESI has remained non-committal in public statements, declining to comment on market rumors while asserting its commitment to its independent strategy. Lam Research has also not responded to requests for comment as the situation evolves.
Currently, BESI shares are up 10.44% and trading at €194.25 as investors keep a watchful eye on developments.
The landscape of the semiconductor industry is shifting, and with potential acquisitions on the horizon, BESI stands in a pivotal position that could redefine its future.
