Aquest Systems and Gores Group Withdraw Offer to Acquire Asyst Technologies (ASYT)
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Aquest Systems Corp. and The Gores Group, LLC jointly announced today that they have withdrawn their proposal to potentially acquire Asyst Technologies, Inc. (Nasdaq: ASYT) at a significant premium to Asyst’s current share price. The proposal was withdrawn after Asyst repeatedly refused to enter into discussions with Aquest and Gores.
In a letter to Asyst dated February 1, 2008, Aquest and Gores offered to acquire Asyst for between $5 and $6 per share. Asyst’s share priced closed at $3.63 per share on May 5, 2008. The letter also stated that Aquest and Gores believed that, “the combination of Aquest’s intimate knowledge of the business and the industry in general and Gores’ expertise in creating value through operational involvement would create a transaction that will be beneficial to the Company and its shareholders, management and employees.”[SM]
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