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Aquest and Gores Withdraw Offer to Acquire Asyst
SUNNYVALE, Calif. & LOS ANGELES-(Business Wire)-May 6, 2008 - 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 and The Gores Group, LLC jointly announced today that they have withdrawn their proposal to potentially acquire Asyst Technologies, Inc. (Nasdaq:ASYT) at a significant premium to Asyst's current share price. The proposal was withdrawn after Asyst repeatedly refused to enter into discussions with Aquest and Gores.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."
About Aquest Systems
Aquest, founded in 2004, by Dr. Mihir Parikh, who was also the founder of Asyst, develops automation technologies for the worldwide semiconductor industry and is the pioneer of No-Wait-Manufacturing(SM) (NWM) automation technologies for the worldwide semiconductor industry. Its private investors include Menlo Ventures, one of the technology industry's most successful and respected venture capital firms. Menlo Ventures also was the founding investor in Asyst. A truly global company, Aquest employs a worldwide organization to efficiently leverage talent and resources in the United States, Japan, Taiwan and India. The company is privately held and headquartered in Sunnyvale, Calif. More information can be found at www.aquestsystems.com.
About The Gores Group, LLC
Founded in 1987 by Alec E. Gores, The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group has consistently and reliably created substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of $1.3 billion. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, Colorado, and London. For more information, please visit www.gores.com.
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