Tokyo, Japan and Cambridge, UK, July 31, 2007 - Sumitomo Chemical Company (Sumitomo Chemical) and Cambridge Display Technology (NASDAQ: OLED) (CDT) today jointly announced that they have entered into a definitive merger agreement whereby Sumitomo Chemical will acquire CDT, a developer of technologies based on polymer organic light emitting diodes (P-OLEDs).

Under the merger agreement, Sumitomo Chemical will acquire all outstanding shares of CDT common stock at a price of $12 per share in cash, for an aggregate purchase price of approximately $285 million.  The merger consideration represents a 107 percent premium over CDT's 90-day average closing share price and a 95 percent premium over CDT's closing share price of $6.15 on July 30.