ASMI agrees peace deal with shareholders

Chip machinery maker ASMI and its major shareholder Hermes have agreed to ‘terminate’ their conflict, ASMI said in a statement on Wednesday.

ASMI has been under pressure to change course and replace CEO Chuck del Prado, who founded the firm, since early last year.
In its statement ASMI said shareholders have reached ‘a common understanding’ that the company needs to ‘strike a better balance between technology development and commercialisation in order to achieve acceptable returns and create shareholder value’.
ASMI will now take steps to strengthen its management board, the statement said. ‘Particular emphasis is placed on independence’ when it comes to nominating a successor to the current chairman of the supervisory board.
The firm will also cancel preference shares issued last year as a defence against the removal of Del Prado once the ‘peace’ has been formalised.

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