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ASM International not swayed by Fursa's presentation, industry experts
By Lisa Kerner
Charlotte, N.C., Feb. 28 - ASM International NV expressed confidence in its current management and said now is not the time to make the changes suggested by Fursa Alternative Strategies LLC.
Fursa, a 10.3% stakeholder, urged ASM to discuss potential alternatives to increase shareholder value.
The investor had previously outlined a three-year plan to "reinvigorate" the company, adding that the plan's creators, who are experts in the wafer processing equipment industry, should be appointed to a restructured, one-tier ASM board.
Fursa made its comments in a schedule 13D filing with the Securities and Exchange Commission.
ASM, in a Feb. 28 letter to Fursa, said the industry experts rejected an offer of a consultancy role after the parties met on Feb. 18.
"It was made clear to us that there was no interest in assisting the current management team, only in replacing them," ASM founder Arthur H. del Prado said in the letter.
While the supervisory board was not at the meeting, ASM assured Fursa that it was made aware of the management board's preliminary findings following Fursa's presentation to the company in January.
According to del Prado, ASM improved profitability in the last two years and is "closing the gap" with peers.
ASM designs and manufactures equipment and materials used to produce semiconductor devices. The company is based in Bilthoven, the Netherlands.
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