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Asyst says Riley aims to force sale of company
New York, June 25 - Asyst Technologies, Inc. said it received a notice from Riley Investment Partners Master Fund LP that it intends to seek control of the board and then sell the company.
The hedge fund, which says it owns 2.6% of Asyst's shares, intends to nominate six directors for election at the company's 2008 annual meeting, according to a press release from Asyst.
If elected, the six would give Riley control of the board. The directors would then sell the company through an auction process.
Asyst said its directors are reviewing the notice.
Asyst is a Fremont, Calif., provider of automation products for the semiconductor, flat panel display, and related industries.
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