July 18, 2008
Knobias Clip Report (07-16-2008) ASYT
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Submitted By Knobias ClipReport
ASYT: Unsolicited Bid & Possible Proxy Fight Lift Shares Higher
Earlier today, Riley Investment Management LLC announced that it is aware of an expression of interest to acquire Asyst Technologies, Inc. (ASYT) at $6.50 per share made on July 9, 2008 by Aquest Systems Corp. On July 8, 2008, RIM representatives met with Asyst Chairman and CEO Steve Schwartz to discuss RIM’s view that Asyst should be sold. According to the release, the Company indicated to RIM that it understood its responsibility to entertain offers and believed that Aquest’s pior joint proposal with Gores Group LLC was a credible offer.
On June 25, ASYT announced that it had received notice from Riley Investment Partners Master Fund, owner of 2.6% of the Company’s outstanding shares, of the intention to nominate 6 directors for election at the Company’s 2008 annual meeting in an attempt to gain control of the Company.
In a press release issued by the Company, they announced that it received an unsolicited letter from Aquest Systems Corp. expressing an interest in exploring a potential acquisition of Asyst for $6.50 in cash per share. Earlier this year, the Company received an unsolicited letter from The Gores Group, with Aquest as a participant, expressing an interest in exploring a potential acquisition for $6 per share, which was later reduced to between $5 and $6 per share. Following a thorough review, the Board concluded that the acquisition contemplated in that expression of interest by Gores and Aquest was not in the best interests of shareholders, and the expression of interest was subsequently withdrawn.
The Company also disclosed that the Board has made no determination with regard to the latest Aquest proposal or any other potential sale of the Company. The Board has also not given a price nor terms in which they would then recommend the transaction to its shareholders.
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