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Lam Research (LRCX) Stock Slides on KLA Merger Update

NEW YORK (TheStreet) -- Shares of Lam Research (LRCX) were dropping in early-afternoon trading on Wednesday after the company said it could take longer than expected to receive approval for its planned merger with KLA Tencor (KLAC).

Last October, Lam said it would buy KLA for $11 billion. The companies initially expected the transaction to have closed in the middle of this year, but then extended that deadline to September, Barron's noted.

"Lam and KLA-Tencor are...