Chip machinery maker ASM International has rejected an offer for its front-end activities from Applied Materials and Francisco Partners ‘for significantly under-valuing the unit and not taking its prospects properly into account’.

In addition, ASMI said the bid was complicated and broad – valuing the unit at between $625 and $800m – which ‘caused uncertainty for shareholders, employers and other stakeholders’.
Applied Materials and Francisco Partners made their offer for the entire division on Tuesday.
ASMI earlier rejected a bid from Applied Materials for some of its activities.
ASMI is currently embroiled in a battle with activist shareholders who want to replace the CEO and force the sell-off of the front-end division.