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.
For Detailed Investor Profiles on these Investors, click below:
Riley Investment Management
Related People: Bryant Riley
Related Entities: B. Riley & Co., Inc.; B. Riley and Co. Retirement Trust; Riley Investment Partners Master Fund LP; SACC Partners


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