Riley Investments wants Asyst Technology to sell itself
| July 30th, 2008 |
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| In July of 2008 activist hedge fund Riley Investment Management [RIM]
entered into a proxy battle for seats on Asyst Technology's board.
Riley owns 2.6% of Asyst's outstanding shares. Asyst Technology
provides automation solutions optimized for the needs of our global
customers in the semiconductor, flat panel display, and related
industries. Riley wants Asyst to sell itself to Aquest Systems
Corporation. Aquest made an offer of $6.50/share to buy the company,
which represents a 66% premium over closing share prices. Asyst has
failed to enter into any serious discussion with Aquest regarding the
acquisition. Because of their unwillingness to consider a sale, which
RIM believes will maximize shareholder value; RIM has nominated six
individuals to serve as directors at the board. If RIM takes control
of the board it plans to sell the company through an auction according
to statements made by RIM. |
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For Detailed Investor Profiles on these Investors, click below: |
| | B. Riley and Co. Retirement Trust; | Riley Investment Partners Master Fund LP; | SACC Partners | 1 Comments
by Chel on November 15th, 2008
what does riley do now? they need to force the company to begin to be more fiscally responsible. Great potential and upswing just need to guide?
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