A hedge fund has notified Asyst Technologies Inc. that the fund intends to nominate a slate of directors with the ultimate goal of selling the Fremont-based semiconductor equipment maker, Asyst said Wednesday.

Riley Investment Partners Master Fund L.P. said it plans to nominate six directors for election at the company's 2008 annual meeting in a quest to gain control of Asyst's board of director, Riley stated in a letter sent to the company's management. The board of directors is reviewing the notification.

The hedge fund claims that it, along with related parties, owns 2.6 percent of the outstanding Asyst shares.

Riley Investment said if it successfully places the directors on the Asyst board, it will attempt to sell the company through an auction process.

So far in 2008, Asyst's shares are up 17.5 percent. By comparison, the S&P 500 Semiconductor Equipment Index is down 5 percent.

However, Asyst's closing price of $3.83 a share on Wednesday was 51 percent below the 52-week high for the company's shares, reached in July 2007.

In May, a private equity firm, Gores Group LLC, withdrew an unsolicited bid to buy Asyst for $298 million after the high-tech company refused to discuss the offer.

George Avalos covers jobs, economic development, commercial real estate, finance and oil companies. Reach him at 925-977-8477 or gavalos@bayareanewsgroup.com


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