Chip industry supplier ASM International said on Friday the High Court had confirmed a company court ruling not to investigate it for mismanagement.
The company court in 2011 ruled against activist shareholders who had wanted an investigation into the company.
Hedge funds Fursa and Hermes began their campaign for legal action in 2008. They argued the management was wrong to turn down a partial buyout offer from Applied Materials and that ASMI’s CEO was not the right person to turn the company around.
In a statement, ASMI said it ‘welcomed’ the decision which is final and cannot be appealed. This ‘means that these proceedings against the company have now formally come to a definitive end’, the statement said.
Company court investigation into ASMI is scrapped
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