Asyst to go it alone after Aquest drops acquisition bid

New York, Oct. 9 - Asyst Technologics, Inc. said it will remain independent after Aquest Systems Corp. was "unable to assemble and submit a transaction proposal" to buy the company.

In July Aquest had proposed acquiring Asyst for $6.50 a share in cash.

"Our board fully supported the engagement with Aquest and continues to be open to reviewing any bona fide proposal that can enhance shareholder value," said Asyst chairman and chief executive officer Steve Schwartz in a news release.

"Absent a proposal, the company now must focus on the important task of running the business in a challenging industry and macro environment, and on executing a strategic plan that we believe will provide significant value to our shareholders, customers and employees."

Both Asyst Technologies and Aquest Systems develop automation products for the semiconductor industry. Asyst Technologies is located in Fremont, Calif., and Aquest Systems is located in Sunnyvale, Calif.

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