Aquest Systems Corp. and the Gores Group LLC have withdrawn their proposal to acquire Asyst Technologies inc., a supplier of fab-automation tools.
The proposal was withdrawn after Asyst (Fremont, Calif.) ''refused'' to enter into discussions with rival Aquest (Sunnyvale, Calif.) and private-equity firm Gores, according to Aquest and Gores.
In a letter to Asyst dated Feb. 1, Aquest and Gores offered to acquire Asyst for between $5 and $6 per share. Asyst's share priced closed at $3.63 per sh
are on May 5.
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.''
On Tuesday (May 6), Asyst reported financial results for its fiscal fourth quarter ended March 31. Net loss for the fiscal fourth quarter according to GAAP was $12.9 million, or minus $0.26 per share.
This compares with a net loss of $0.9 million, or minus $0.02 per share, in the prior sequential quarter. Net sales for the fiscal fourth quarter were $94.3 million, which compares with $106.5 million in the prior sequential quarter.
Net sales related to automated material handling systems (AMHS) were $62.0 million, which compares with $68.4 million in the prior sequential quarter. Net sales related to tool and fab automation solutions were $32.3 million, which compares with $38.0 million in the prior sequential quarter.
Consolidated net sales for the current quarter are expected to be in the range of $85-to-$95 million. Net loss in accordance with GAAP is expected to be in the range of $0.16 to $0.22 per share.