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Asyst targeted by former founder in hostile group takeover bid
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The 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.