Proxy Firm Backs ASM International Breakup
A shareholder plan to break up chip-equipment maker ASM International (ASMI) has won the support of a key ally a few weeks before investors will have a chance to vote on the matter.
Institutional Shareholder Services, an influential proxy advisory firm, endorsed a plan that would divide the struggling Dutch company into two separate firms, saying that ASMI's management has "by its own actions, lost investor confidence."
The plan to break up ASM is being advanced by Mellon HBV Alternative Strategies, an institutional shareholder that has owns a 7.7% stake in the company.
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