Riley Investment backs off from seeking control of Asyst board

By Lisa Kerner

Charlotte, N.C., Sept. 8 - Asyst Technologies, Inc. shareholder Riley Investment Management LLC said that Riley Investment Partners Master Fund, LP is withdrawing its nominations of six directors for election to the board of directors at the company's 2008 annual meeting.

The hedge fund believes that Asyst is taking "constructive measures" with respect to a sale that would maximize shareholder value as evidenced by its ongoing discussions with Aquest Systems Corp.

Riley said in a statement that it is still pushing for a sale of the company but wants shareholders to determine whether any bid is "fair and reasonable."

In July it was reported that Asyst received an unsolicited letter of interest from Aquest Systems regarding the potential acquisition of Asyst for $6.50 in cash per share.

Aquest Systems president and chief executive officer - and Asyst founder - Mihir Parikh and his company have made "significant investments" in Asyst, he said in the letter. Those investments are being managed by Riley.

Riley informed Asyst in June that it planned to seek control of the company's board and then sell Asyst through an auction process.

Both Asyst and Aquest Systems develop automation products for the semiconductor industry. Asyst is located in Fremont, Calif., and Aquest Systems is located in Sunnyvale, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.