Dutch Court: ASMI, Holders To Restart Negotiations On CEO
May 13 2009 - 8:17AM
Dow Jones News
Dutch semiconductor equipment maker ASM International NV (ASMI)
should restart negotiations with shareholders Fursa and Hermes on
the position of Chief Executive Chuck del Prado, a Dutch court
ruled Wednesday.
The court also ruled against a vote by the ASMI Continuity
Foundation on a proposal for an option to issue new preference
shares at Thursday's shareholders meeting.
The ASMI Continuity Foundation already holds preference shares.
It was established to provide protection against an unwanted
takeover through a preference share mechanism.
For years, ASMI's management has been under pressure from
activist shareholders Fursa and Hermes, which have urged the
company to replace Chuck del Prado, the son of company founder and
former chief executive Arthur del Prado, and to sell off its
loss-making front-end operations.
-By Maarten van Tartwijk, Dow Jones Newswires; +31 20 571 5201;
maarten.vantartwijk@dowjones.com