NEW YORK, Oct. 24, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of Zygo Corp. ("Zygo" or the "Company") (Nasdaq:ZIGO) arising out of their attempt to sell the Company to Electro Scientific Industries Inc. ("Electro Scientific"). Under the terms of the agreement, Zygo shareholders will be entitled to 1.0233 shares of Electro Scientific stock for each Zygo share for a total sale price of approximately $173.6 million. Based on the October 15, 2008 closing price of Electro Scientific stock, the value Zygo shareholders are to receive is approximately $10.30 per share. The price is unfair given that the Company's shares closed at $12.58 as recently as September 30, 2008 and the Company has a book value of $9.73 per share. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in Zygo and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/zigo.html
Levi & Korsinsky has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.