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Asyst targeted by former founder in hostile group takeover bid

25 February 2008 | By Síle Mc Mahon | News > Fab Management

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AsystThe former founder and CEO of Asyst Technologies Mihir Parikh is a notable inclusion in a signed letter, proposing a fast takeover of Asyst, backed by The Gores Group, LLC. Parikh is currently President and CEO of Aquest Systems, an AMHS start-up and potential rival to Asyst. 

The jointly released letter notes that Stephen Schwartz (pictured), President & Chief Executive Officer and Chairman of the Board of Asyst had initially rejected an offer for all outstanding shares in the company during a meeting on January 9, 2008. The latest offer is to purchase all shares for between $5 and $6 dollars each.

Interestingly, industry sources do not believe the deal is viable with the involvement of the former founder of Asyst, while the share price offer is seen as ‘derisory’ by a financial analyst who wished to remain anonymous.

 

Related articles

Asyst says unsolicited offer was previously rejected - 29 February 2008

Asyst in second hostile takeover move - 26 June 2008

Aquest fails to make an indicative proposal to acquire Asyst - 10 October 2008

Asyst offers 64-bit implementation of SECS/GEM tool connectivity products - 28 January 2008

Update: Asyst CEO resigns: Asyst to be delisted from NASDAQ this week - 27 April 2009

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