Investor excitement around a possible besi takeover sent the Dutch chip-packaging specialist to record levels as U.S. suitors circled the company.
Summary
Record high for BESI after U.S. acquisition interest
BESI shares jumped as much as 14% on Friday, hitting an all-time intraday high of €199.85, after Reuters reported fresh takeover interest from U.S. chip equipment giants Lam Research and Applied Materials. However, the rally later cooled slightly.
The stock was last trading around 10% higher at €194.25, valuing the Amsterdam-listed chip-packaging equipment maker at roughly €14 billion (about $16.2 billion). That said, the move underscores how strategic packaging technology has become in the global semiconductor race.
At its intraday peak of €199.85, BESI had more than doubled from its April 2025 low of €79.62, a trough reached when fears over potential U.S. tariffs were dragging down the broader sector. Moreover, the latest spike extends a powerful recovery trend.
Lam Research and Applied Materials circle BESI
BESI has mandated Morgan Stanley to evaluate the approaches, according to two people familiar with the situation. The investment bank declined to comment on the mandate, keeping details of its advisory role under wraps.
One source said Lam Research (LRCX) is among the parties that have held active talks with the Dutch group. However, LRCX shares fell around 4.3% on Friday, suggesting some investor concern over the potential cost or complexity of a deal.
Applied Materials (AMAT) is also viewed as a leading contender. The U.S. company acquired a 9% stake in BESI in April 2024, becoming its largest shareholder. Moreover, AMAT shares slipped about 3.9% on the day, reflecting typical merger overhang dynamics.
That applied materials stake had already sent a strong signal to the market. When the holding became public in October 2025, BESI rallied 12% in a single session as investors started to price in the possibility of a full buyout.
Hybrid bonding technology at the core of the deal
The renewed approaches largely center on BESI hybrid bonding technology, a capability seen as crucial for the next wave of high-performance chips. However, integrating such assets into a U.S. buyer’s portfolio could also raise political and regulatory sensitivities.
The process directly connects chips using copper-to-copper links, enabling faster data transfer and lower power consumption than traditional packaging methods. Moreover, it has become a vital building block as chipmakers race to serve booming demand from AI and high-performance computing applications.
Advanced chip packaging equipment is now widely regarded as a bottleneck in the semiconductor supply chain. BESI and Applied Materials have collaborated on hybrid bonding for years, making AMAT’s role as a potential acquirer appear strategically logical.
Back in April 2025, analyst Michael Roeg of Degroof Petercam argued that BESI investors “will assume that Applied Materials will eventually want to buy the entire company.” That said, any transaction must now navigate a far more intense geopolitical and regulatory environment.
Regulatory and geopolitical hurdles for a deal
The road to any besi takeover remains far from clear. Talks between the parties began in mid-2025 but were paused earlier this year after tensions flared between the U.S. and the European Union over President Donald Trump‘s push to exert control over Greenland.
Under Dutch rules on Netherlands national security, the acquisition of a company with strategically sensitive technology must undergo a dedicated review. Moreover, such a process could delay or even reshape the structure of any eventual transaction.
Despite the earlier pause, sources say Lam Research interest has not faded, and the U.S. group has held further discussions with BESI in recent weeks. However, the ultimate outcome will likely depend on both valuation and political clearance in Europe.
For its part, BESI was terse in its public response. The company declined to comment on what it called “market rumours” and stressed that it remains focused on executing its strategy as an independent player. Lam Research did not immediately respond to requests for comment.
Market reaction and outlook
BESI shares were last up 10.44%, changing hands at €194.25 at the time of writing. Moreover, the stock’s sharp appreciation since 2024 highlights how crucial semiconductor advanced packaging has become in investor narratives around AI and next-generation computing.
Looking ahead, any formal bid would trigger an european regulatory review under Dutch law, with national security implications front and center. That said, the strategic appeal of BESI’s technology suggests that corporate interest from U.S. buyers is unlikely to fade quickly.
In summary, BESI now sits at the intersection of cutting-edge chip engineering and geopolitics, with Lam Research and Applied Materials weighing a move that could reshape the global packaging landscape.
