FREMONT, Calif. - (Business Wire) Asyst Technologies, Inc. (Nasdaq:ASYT), a leading provider of integrated automation solutions that enhance semiconductor and flat panel display manufacturing productivity, today confirmed that its board of directors previously rejected unsolicited expressions of interest conveyed over the past several months from The Gores Group and Aquest Systems to explore purchasing the company for $5 to $6 per share. Following a thorough review with its financial and legal advisors, the board concluded that these expressions of interest were inadequate, significantly undervalued the company and would not be in the best interests of the company
’s shareholders. The expressions of interest from The Gores Group and Aquest Systems appear to be an attempt to capitalize on a low point in the semiconductor equipment cycle and a current low market valuation to the detriment of the company
’s shareholders.
The board considered many factors, including the company’s leadership position in its largest served markets, significant investments in new products being developed with direct engagement of customers, and continuing initiatives to reduce manufacturing costs and increase gross margins. The board believes in the value of the company’s ongoing strategic and operating initiatives, which is not adequately reflected in the expressions of interest from Gores and Aquest. The board will continue to regularly evaluate opportunities of value to the company and its shareholders.
Merrill Lynch & Co. is acting as financial advisor and Baker & McKenzie, LLP, is acting as legal advisor to the company.
About Asyst
Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and flat panel display (FPD) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. Encompassing isolation systems, work-in-process materials management, substrate-handling robotics, automated transport and loading systems, and connectivity automation software, Asyst’s modular, interoperable solutions allow chip and FPD manufacturers, as well as original equipment manufacturers, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst’s homepage is http://www.asyst.com.
Forward Looking Statements
Except for statements of historical fact, the statements in this release are forward-looking. The forward-looking statements include statements regarding management’s plan for enhancing shareholder value; and other factors more fully detailed in the company's Annual Report on Form 10-K for the year ended March 31, 2007, and other reports filed with the Securities and Exchange Commission. The company assumes no obligation to update these statements. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to: the continued acceptance of our products and services; the value, timing, release and market acceptance of new products; the ability to maintain or increase market share and product pricing; our reliance on a few key customers; the ability to reduce costs and improve product margins for our products in a competitive marketplace; the possibility that customers may cancel or delay planned expansion activity and thus delay or reduce related revenue; our ability to execute on our ongoing strategic and operating initiatives; the impact and outcome of any actions or proceedings that could be brought against us; the disruption to our plans, operations, customer relations or employee retention from current or future expressions of interest; any future expressions of interest in us, and the results and related outcomes of our further consideration; as well as other factors more fully detailed in the company's Annual Report on Form 10-K for the year ended March 31, 2007, and other reports filed with the Securities and Exchange Commission.
“Asyst” is a registered trademark of Asyst Technologies, Inc. Copyright 1993-2008, Asyst Technologies, Inc. All Rights Reserved.
Asyst Technologies, Inc.
John Swenson, 510-661-5000
Vice President, Investor Relations & Corporate Treasurer
