Shareholders attending today’s AGM at chip machinery maker ASMI will not have a vote on the future of CEO Chuck del Prado after the company court in Amsterdam ordered all sides back to the negotiating table.
ASMI is embroiled in a power struggle with a number of activist shareholders who want Del Prado sacked and action to improve the company’s performance.
After an eight-hour hearing, the court also refused to rule on ASMI’s issue of preference shares to dilute the influence of activist shareholders ahead of today’s AGM.
British asset manager Hermes had asked the court for an injunction to have the shares withdrawn.
The court said that Hermes, US hedge fund Fursa and ASMI should try to reach agreement on an alternative plan for ASMI within one month and that they hold an extraordinary shareholders meeting on the outcome by July 15.
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