ASMI may face legal action over defences

Shareholders’ lobby group VEB says it may take chip machinery maker ASMI to court for erecting takeover defences against an attack from activist shareholders.

Earlier this week an independent foundation set up to preserve the continuity and independence of ASMI bought up 29.9% of ASMI’s preference shares, saying the company was under threat.
But the VEB says using this ‘nuclear option’ is an infringement of shareholders’ rights in the current situation.
The activist shareholders – Hermes and Fursa – are exercising their right to call for a change in the management of the company and there is no threat to the company’s independence or future, the VEB says.
‘The VEB is studying several options, including a request for a ruling from the company court,’ the organisation says in a statement.
Last year, the company court overturned industrial group Stork’s use of preference shares to ward off a hostile takeover.

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