Online information source for semiconductor professionals
Aquest fails to make an indicative proposal to acquire Asyst
Popular articles
Micron moving fast on Hynix in Q208 NAND flash rankings, says iSuppli - 19 August 2008
Numonyx to close California Technology Center - 12 August 2008
Qimonda starts major reorganization: exits PC DRAM market - 13 October 2008
Micron close to Inotera share purchase, says Gartner - 06 October 2008
Applied Materials sees higher CapEx spending for 2009 - 15 August 2008
Start-up, Aquest Systems and its financial partner The Gores Group, have told Asyst Technologies management that they were unable to submit a transaction proposal to purchase the fab automation specialist. Asyst, said that discussion have ended though are open to further talks should a ‘credible transaction proposal’ be offered.
“Our board fully supported the engagement with Aquest and continues to be open to reviewing any bona fide proposal that can enhance shareholder value,” said Steve Schwartz, Chairman and CEO of Asyst. “Absent a proposal, the company now must focus on the important task of running the business in a challenging industry and macro environment, and on executing a strategic plan that we believe will provide significant value to our shareholders, customers and employees. We believe we are positioned well with strong September quarter bookings in our AMHS division, continuing reductions in ongoing manufacturing and operating costs, and a recently amended principal credit facility to provide us with additional operating flexibility.”
Mihir Parikh, President and Chief Executive Officer of Aquest Systems, was the past founder of Asyst Technologies.