Sandell Joins Efforts to Reshape ASM International
|August 26th, 2008||
|Sandell Asset Management has built up a stake in ASM International N.V.,a leading supplier of semiconductor process equipment in both front and back end markets. Sandell in conjunction with Pequot Ventures, Fursa Alternative Strategies, and Hermes Focus Asset Management have targeted ASM over its under-performing front-end business.|
The shareholders have urged management to create a one-tier board of management and introduce a business plan aimed at revamping the company's strategy or face an exchange offer in which shareholders would takeover the company. ASM announced on April 25, a strategic review of its front-end business in a move to pacify activist shareholders, saying it will target revenue growth above market growth in 2009.
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