ASMI Board Policy Investigated By Enterprise Chamber
August 05 2009 - 10:02AM
Dow Jones News
The Enterprise Chamber of the Amsterdam Court said Wednesday it
will begin an investigation into management decisions by the board
of Dutch semiconductor equipment maker ASM International NV
(ASM.AE).
The investigation was requested by the activist equity funds
Hermes and Fursa.
The two shareholders, with a joint 20% interest in ASMI, have in
the past criticized the performance of the front-end activities of
the company, among other things.
Hermes and Fursa couldn't reach an agreement with the ASMI board
on the management direction for the company, leading to their
filing the complaint with the Enterprise Chamber. The judge held a
hearing July 2 and made his decision public Wednesday.
The investigation could be a threat to the position of ASMI's
president and CEO, Chuck del Prado, the son of ASMI founder and 22%
shareholder Arthur del Prado.
- By Anton Reijinga and Bart Koster; Dow Jones Newswires; +31 20
571 5201; anton.reijinga@dowjones.com