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Fursa to back ASM International's proposed new management team at annual meeting May 21
By Lisa Kerner
Charlotte, N.C., May 14 - Fursa Alternative Strategies LLC said it plans to support ASM International NV's newly proposed management team at the company's 2008 annual meeting on May 21.
According to a schedule 13D filing with the Securities and Exchange Commission, the 5.9% stockholder intends to vote:
• For the appointment of the new management team;
• For the dismissal of current chief executive officer Chuck del Prado and certain supervisory board members as proposed by ASM shareholder Hermes Focus Asset Management; and
• Against the discharge of the supervisory board and management board.
In February, Fursa urged ASM to discuss potential alternatives to increase shareholder value.
The investor had previously outlined a three-year plan to "reinvigorate" the company, adding that the plan's creators, who are experts in the wafer processing equipment industry, should be appointed to a restructured, one-tier ASM board.
In March, Hermes put forth a number of proposals for inclusion on the agenda at ASM's annual meeting.
Hermes was seeking to dismiss all five members of the supervisory board not up for re-election and to dismiss del Prado as a member of the management board, among other proposed changes.
It was previously reported that ASM proposed the appointment of Dr. Ulrich Schumacher to the supervisory board to replace Berend Brix, who is stepping down on May 21. Schumacher is the CEO and president of Grace Semiconductor Manufacturing Corp. in Shanghai.
ASM said it would also propose the re-election of Dr. Johan Danneels as a member of the supervisory board.
ASM designs and manufactures equipment and materials used to produce semiconductor devices. The company is based in Bilthoven, the Netherlands.
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