Shares of BE Semiconductor Industries rose sharply on Friday after a report indicated the Dutch chip-packaging equipment specialist has drawn acquisition interest from U.S. competitors Lam Research and Applied Materials. The stock reached a record intraday price of €199.85 before trimming gains to trade about 10% higher at €194.25, implying a market capitalization near €14 billion.
According to the report, the company has engaged Morgan Stanley to assess the approaches, a process described by two people familiar with the situation. Discussions have involved Lam Research as one of the parties that have met with BESI. Applied Materials, which acquired a 9% stake in the company in April last year and became its largest shareholder, is also listed among potential suitors.
The report notes that Applied Materials' stake purchase in April last year was followed by a 12% single-day rise in BESI shares in October 2025, as market participants began to weigh the possibility of a full takeover. The latest upward move takes the share price to more than double the April 2025 low of €79.62, when shares were pressured by concerns tied to U.S. tariffs.
Those conversations first began in mid-2025 but were interrupted earlier this year amid heightened tensions between the United States and the European Union over President Donald Trump’s attempts to control Greenland. Any transaction involving a Dutch company that holds strategic technology would be liable to a national security review, the report says. The bidders named, including Lam Research, have continued to show interest and have held recent talks.
BESI declined to comment on "market rumours" and said it remains focused on executing its strategy as an independent company, according to the report. The corporate interest is centered on the firm's hybrid bonding technology, which places chips in direct copper-to-copper contact to enable faster data transfer and lower power consumption.
Market participants have increasingly flagged advanced packaging as a capacity constraint across the semiconductor supply chain, driven by rising demand for chips used in artificial intelligence and high-performance computing. The attention on BESI reflects this dynamic and highlights the value placed on technologies that can accelerate data throughput and reduce power draw in advanced chip stacks.
Market reaction and context
Shares extended earlier gains to touch the record intraday high after the report surfaced, illustrating investor sensitivity to potential consolidation among equipment makers with complementary technologies. The involvement of a financial adviser and the presence of both strategic suitors and an existing large shareholder as a potential bidder underline the strategic and financial dimensions of any prospective transaction.
What remains uncertain
The report leaves open the ultimate outcome of the approaches. It does not indicate whether any binding offers have been made, the timeline for any decision, or how regulators might view a transaction involving a Dutch company with strategic technology. BESI's stated commitment to its independent strategy also adds an element of uncertainty about whether the company will pursue, accept, or reject offers.