BESI Stock Surges After Reports of Acquisition Interest From Lam Research, Applied Materials

TLDR

• BESI hit an all-time high of €199.85 on Friday after Reuters reported takeover interest from U.S. chip equipment makers
• Lam Research (LRCX) is among the named suitors; Applied Materials (AMAT) holds a 9% stake and is also a potential buyer
• BESI has hired Morgan Stanley to evaluate the approaches
• Talks began in mid-2025 but paused early this year due to U.S.-EU tensions over Greenland; discussions have since resumed
• Any deal would require a national security review under Dutch law

BESI surged as much as 14% to a record high on Friday after Reuters reported that the Dutch chip-packaging equipment maker is fielding takeover interest from two U.S. heavyweights: Lam Research and Applied Materials.

The stock last traded up around 10% at €194.25, giving the Amsterdam-listed company a market cap of roughly €14 billion ($16.2 billion).

At its intraday peak of €199.85, the stock had more than doubled from its April 2025 low of €79.62 — a level hit when fears over U.S. tariffs were weighing on the sector.

BESI has hired Morgan Stanley to evaluate the approaches, according to two sources familiar with the matter. The investment bank declined to comment.

Lam Research (LRCX) is one of the parties that has held active discussions with the company, one source said. LRCX shares fell around 4.3% on the news.

Applied Materials (AMAT) is also among the potential buyers. The company acquired a 9% stake in BESI back in April 2024, making it the largest shareholder. AMAT was down around 3.9% on Friday.

That stake purchase had already sent a signal to the market. When it became public in October 2025, BESI jumped 12% in a single session as investors started pricing in the chance of a full takeover.

The Technology at the Center of It All

The interest from both companies comes down to one thing: BESI’s hybrid bonding technology.

The process directly connects chips using copper-to-copper links, enabling faster data transfer and lower power consumption. It’s become a key capability as chipmakers race to meet demand from AI and high-performance computing applications.

Advanced packaging is now widely considered a bottleneck for the entire semiconductor industry. BESI and Applied Materials have worked together on hybrid bonding for years, making AMAT’s position as a potential acquirer a natural one.

Deal Faces Regulatory Hurdle

The path to a deal isn’t straightforward. Talks between the parties started in mid-2025 but hit a pause earlier this year after tensions flared between the U.S. and European Union over President Donald Trump’s push to control Greenland.

Under Dutch law, any acquisition of a company with strategic technology would be subject to a national security review — a process that could complicate or delay a potential transaction.

Despite the pause, sources say Lam Research remains interested and has held talks with BESI recently.

BESI, for its part, was brief in its response. The company declined to comment on “market rumours” and said it remains committed to executing its strategy as an independent company. Lam Research did not immediately respond to a request for comment.

BESI shares were last up 10.44%, with the stock trading at €194.25 at time of writing.

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