News Article
Aquest and Gores confirm proposal to acquire Asyst Technologies
Aquest Systems confirmed that on July 9th they submitted a proposal to Asyst Technologies to acquire the company for $6.50 per share in cash and that Asyst and Aquest met on July 15th with respect to such proposal.
In response to the July 15th follow up letter to Aquest from Asyst, and Asyst’s related July 16th press release, Aquest and The Gores Group are jointly releasing the following letter.
July 17, 2008
Dr. Stephen S. Schwartz
President & Chief Executive Officer, Chairman of the Board
Asyst Technologies, Inc.
46897 Bayside Parkway
Fremont, CA 94538
Re: Proposal to Acquire Asyst Technologies, Inc. (“Asyst”)
Dear Steve:
Thank you for your July 15, 2008 letter. We are happy to hear that you and the Asyst board are prepared to move forward with discussions regarding our proposal. Each of us, together with Aquest Systems, Corp’s (“Aquest”) current investors, are enthusiastic about proceeding with due diligence and engaging in discussions with respect to Aquest’s non-binding proposal to acquire Asyst for $6.50 per share in cash. We believe the market’s reaction to your disclosure of Aquest’s July 9, 2008 proposal supports the fact that your institutional and other market investors find our proposal attractive.
In your July 15, 2008 letter, you asked various questions regarding our proposed capital structure for the combined Asyst/Aquest entity. Based on our limited due diligence to date, neither we nor any additional partners we choose to include in this transaction, can provide definitive answers at this stage. However, each of us is pleased to confirm the following:
Aquest hereby reiterates that it is highly confident in its ability to fund and close the proposed transaction. Funding sources would include Aquest’s current investors (Menlo Ventures, Walden International and Global Catalyst Partners), The Gores Group, LLC and potentially other third parties who have expressed interest in participating in the proposed transaction; The Gores Group, LLC, a private equity firm managing committed equity capital of over $1.7 billion, hereby confirms its interest in participating in the proposed transaction along side Aquest and other investors; In connection with the proposed transaction, Asyst’s debt, stock options and other equity equivalents would be treated in accordance with their terms.
We are excited about the prospect of moving forward on the proposed transaction. Of course, progress depends on Asyst’s cooperation, including with respect to customary due diligence.
We look forward to meeting very soon to move forward expeditiously with our discussions.
Sincerely,
AQUEST SYSTEMS CORP.
July 17, 2008
Dr. Stephen S. Schwartz
President & Chief Executive Officer, Chairman of the Board
Asyst Technologies, Inc.
46897 Bayside Parkway
Fremont, CA 94538
Re: Proposal to Acquire Asyst Technologies, Inc. (“Asyst”)
Dear Steve:
Thank you for your July 15, 2008 letter. We are happy to hear that you and the Asyst board are prepared to move forward with discussions regarding our proposal. Each of us, together with Aquest Systems, Corp’s (“Aquest”) current investors, are enthusiastic about proceeding with due diligence and engaging in discussions with respect to Aquest’s non-binding proposal to acquire Asyst for $6.50 per share in cash. We believe the market’s reaction to your disclosure of Aquest’s July 9, 2008 proposal supports the fact that your institutional and other market investors find our proposal attractive.
In your July 15, 2008 letter, you asked various questions regarding our proposed capital structure for the combined Asyst/Aquest entity. Based on our limited due diligence to date, neither we nor any additional partners we choose to include in this transaction, can provide definitive answers at this stage. However, each of us is pleased to confirm the following:
Aquest hereby reiterates that it is highly confident in its ability to fund and close the proposed transaction. Funding sources would include Aquest’s current investors (Menlo Ventures, Walden International and Global Catalyst Partners), The Gores Group, LLC and potentially other third parties who have expressed interest in participating in the proposed transaction; The Gores Group, LLC, a private equity firm managing committed equity capital of over $1.7 billion, hereby confirms its interest in participating in the proposed transaction along side Aquest and other investors; In connection with the proposed transaction, Asyst’s debt, stock options and other equity equivalents would be treated in accordance with their terms.
We are excited about the prospect of moving forward on the proposed transaction. Of course, progress depends on Asyst’s cooperation, including with respect to customary due diligence.
We look forward to meeting very soon to move forward expeditiously with our discussions.
Sincerely,
AQUEST SYSTEMS CORP.
