Sandell, Pequot Join ASMI Battle

Apr 29 2008 | 12:43pm ET

New York-based Sandell Asset Management and Pequot Ventures have joined the battle for change at ASM International.

The activist pair will support plans forwarded by fellow hedge funds Fursa Alternative Strategies and Hermes Focus Asset Management, Thomson Financial reports.

Lynbrook, N.Y.-based Fursa, the former Mellon HBV Alternative Strategies, has been pushing the Dutch semiconductor process equipment supplier to improve the performance of its front-end business. Fursa wants ASMI to set up a one-tier management board, and Hermes has pushed for the ouster of CEO Chuck del Prado and five board members.

Private equity giant Centaurus Capital also has a big stake in ASMI, with 7.22% in voting rights.

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