Key Developments For ASM International NV
ASM International NV (ASMI.O) (Nasdaq)
ASM International NV Launches an Offering of Up To EUR 150 Million Convertible Bonds
ASM International NV (ASM) announced that it has launched an offering of senior unsecured convertible bonds (the Bonds) due 2014 (the Offering). The Offering size will be approximately EUR 130 million and may be further increased up to a maximum of EUR 150 million in the event that the Company's increase option of EUR 20 million is exercised in full. The Bonds will be convertible into new and/or existing shares of the Company listed on Euronext Amsterdam. The Bonds will be issued and redeemed at 100% of their principal amount and, unless previously redeemed, converted or cancelled, will mature on the fifth anniversary of the issue, in 2014. The Company will have the option to call the Bonds after three years from issuance at the principal amount, together with accrued interest, if the market price of the shares deliverable on conversion of the Bonds exceeds 130% of the conversion price of the Bonds over a specified period. The expected date of issue and settlement and delivery for the Bonds is November 6, 2009. Morgan Stanley & Co. International plc and Rabo Securities / KBC Financial Products are acting as Joint Book runners for the Offering. Rabo Securities is acting pursuant to a co-operation arrangement with KBC Financial Products.
ASM International NV Signs Contract For the Purchase of a Pulsar High-k ALD Tool
ASM International NV announced that a logic manufacturer, a member of a semiconductor industry technology alliance, has decided to purchase a Pulsar high-k atomic layer deposition (ALD) tool. The system, delivered earlier in October, 2009, will be used to deposit hafnium-based higk-k gate dielectrics for 32 and 28 nm logic chips. Further details were not disclosed.
Hermes Focus Asset Management Europe Limited Increases its Stake in ASM International N.V.-DJ
Dow Jones reported that Hermes Focus Asset Management Europe Limited (Hermes) has increased its stake in ASM International N.V. from 9.98% to 13.17%. The new stake is represented by 6,810,583 common shares. Further details were not disclosed.
ASM International N.V.'s Board Policy Investigated By Enterprise Chamber of the Amsterdam Court-DJ
Dow Jones reported that the Enterprise Chamber of the Amsterdam Court will begin an investigation into management decisions by the board of ASM International N.V. (ASMI). The investigation was requested by the equity funds Hermes and Fursa. However, the Enterprise Chamber denied a request by the two shareholders to install an independent supervisor at ASMI's supervisory board. Hermes and Fursa, with a joint 20% interest in ASMI, have in the past criticized the performance of the front-end activities of the Company, among other things. Hermes and Fursa could not reach an agreement with the ASMI board on the management direction for the Company, leading to their filing the complaint with the Enterprise Chamber. The judge held a hearing July 2, 2009, and made his decision public on August 5, 2009. The investigation could be a threat to the position of ASMI's president and Chief Executive, Chuck del Prado, the son of ASMI founder and 22% shareholder Arthur del Prado.
Stichting Continuiteit ASM International Increases its Stake in ASM International N.V. to 50%-DJ
Dow Jones reported that Stichting Continuiteit ASM International has increased its stake in ASM International N.V. to 50%. Stichting Continuiteit ASM International's previous stake in the Company amounted to 35.53%.
