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The unsolicited acquisition attempts by Aquest Systems Corp to acquire rival fab automation specialist Asyst Technologies have moved to the preliminary dialogue stage, Asyst said in a short statement. Asyst said that it was evaluating the offer bid of $6.50 per share while pursuing required documentation that Aquest and its other bid partners had the financial resources to undertake the transaction. A statement from Asyst’s Board of Directors said;

“We are firmly committed to maximizing value for all of our shareholders, will continue to engage diligently with Aquest regarding their expression of interest, and, as has always been our position, will review any bona fide proposal from them or other party that may arise. While the Board engages Aquest about their expression of interest, management is focused on executing the Company’s strategic plan to create value for shareholders and meet our customers’ needs.

Both parties have subsequently entered into a confidentiality agreement over the matter.

Recently, Riley Investment Partners Master Fund L.P., announced its intention to nominate six directors with the goal of selling the company if successful at Asyst’s annual shareholders meeting in September, 2008

The hedge fund, including related parties is said to own 2.6 percent of Asyst's outstanding shares. The purpose of the move was to take control of the company and sell it via an auction process.