Asyst Technologies, Inc. (NASDAQ: ASYT), a leading provider of standards-based factory automation solutions, customer-focused software products and formal systems integration processes, recently announced that the company received an unsolicited letter from Aquest Systems Corp. expressing an interest in exploring a potential acquisition of Asyst Technologies, Inc. for $6.50 per share.
After conducting a thorough review of the proposed transaction, the board of directors determined that the acquisition contemplated in that expression of interest by Aquest Systems Corp. is not in the best interests of shareholders, and the expression of interest was subsequently withdrawn. Asyst’s management team also announced that it had received notice from Riley Investment Partners Master Fund, owner of 2.6 percent of the company’s outstanding shares, of the intention to nominate six directors for election at the 2008 annual meeting in an attempt to gain control of the company. This unsolicited bid and potential proxy fight has elevated recent trading volume and pushed the stock price higher.
As a provider of integrated automation solutions, Asyst Technologies, Inc.’s products allow semiconductor and flat panel display (FPD) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. The company’s solutions allow original equipment manufacturers to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs.
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