In case they haven’t gotten the message already, Asyst Technologies advised investors today in an SEC filing that its shares will probably be worthless before the liquidation process is over in its current bankruptcy proceedings.
The company has struggled over the last year in its ultimately unsuccessful attempt to Read the rest of this entry »
Zilog of San Jose is the latest chip maker to announce job cuts and salary reductions, along with a 23 percent drop in sales for its fiscal 2009 third quarter compared with the year-before quarter and a more than doubling of its net loss.
“The rapid contraction in the global economy and the clouded outlook for demand has caused us to take significant cost reduction actions that included a 35 percent reduction in our worldwide headcount and a 10 percent salary reduction for all of our North America employees along with executive staff.” said Darin Billerbeck, Zilog’s president and chief executive officer.
In August, the company reached a temporary truce with Bryant Riley, its largest shareholder, who wanted to nominate his own director to the board and sought changes to the company’s by-laws.
Zilog, the San Jose chip company that has been fending off multiple attempts to buy it, said it reached a “settlement agreement” with dissident investor Bryant Riley whose Riley Investment Management gave notice to the company’s board July 3 that it intended to wage a proxy battle in order to gain control of on of it’s five current seats along with the an expansion of the board by one director, which Riley sought to fill. Read the rest of this entry »
Shares of Asyst Technologies shot up 28.6 percent, or $1.12, to $5.03 Wednesday after the company revealed that it’s board is mulling over another offer to buy the maker of chip-making equipment.
The offer came from Aquest Systems, a company headed Mihir Parikh, an Asyst founder and former chief executive who in 2003 alleged Read the rest of this entry »
If you are an employee at Asyst Technologies and you are reading this, maybe you shouldn’t.
Your boss, Steve Schwartz, sent you a note Wednesday warning that Read the rest of this entry »
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