Company court investigation into ASMI is scrapped

An investigation into possible mismanagement at chip sector supplier ASMI will not be completed, the company court in Amsterdam said on Thursday.

The court started the investigation in 2009, but the High Court later tore up that decision following an appeal by major shareholder Arthur del Prado.
Activist shareholders had taken ASMI to court arguing management was wrong to turn down a partial buyout offer from Applied Materials and that its CEO was not the right person to turn the company around.
They had called on the company court to complete the investigation, despite the High Court’s position.
ASMI has been embroiled in a heated discussion about separating into two parts since 2006.
In May 2010, shareholders agreed to delay any discussion about dividing the company up until 2012.

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