Axcelis

We are discussing CITY OF WESTLAND POLICE & FIRE RETIREMENT SYSTEM v. AXCELIS TECHNOLOGIES, INC., a case involving the invocation of inspection rights to investigate the reasons why the board of directors of Axcelis did not accept the resignation of three directors who failed to receive majority support from shareholders voting in the eleciton.

theRacetotheBottom - Headline News 2009

Sumitomo, a Tokyo-based heavy-equipment maker, said in February consistently weaker revenue, missed analyst estimates and slow new product sales at Axcelis as proof that what it characterizes as Axcelis's "standalone strategy" is not working.

Axcelis Rejects Bid 2008

Sumitomo, a Toyko-based heavy equipment maker, cited the consistently weaker revenue, missed consensus estimates and slow new product sales at Axcelis as proof that what it characterizes as Axcelis '"stand alone strategy" is not working.

Sumitomo, TPG Unveil 2008

The company, which has a joint venture with Axcelis, claimed the firm's unrestricted cash had fallen 59% to $84 million against outstanding debt of $80 million, "which raises significant questions about Axcelis's ability to maintain the necessary pace of technological innovation against competitors with far greater resources."

Axcelis Rejects Bid 2008

Sumitomo had said it had been pressing the Axcelis board to accept an offer "over the last 18 months."

Axcelis Rejects Bid 2008

In a letter sent to Axcelis, Sterling, which holds a 12% stake in Axcelis, said it wanted the company's board to fully engage Sumitomo Heavy Industries Ltd. to determine if a combination is appropriate.

Axcelis Rejects Bid 2008

The proposal, which represents a 7% premium to Axcelis's Friday closing stock price of $5.59, is "not in the best interests of Axcelis and its shareholders," Axcelis said.

Axcelis Rejects Bid 2008

Axcelis said Sumitomo's $613 million, $6-a-share offer was still too low.

Nasdaq Succumbs to Wall Street's Gloom 2008

Axcelis in November posted a third-quarter loss after cutting revenue estimates weeks earlier.

Axcelis Rejects Bid 2008

Later in November, Sterling Capital Management LLC said it wanted Axcelis to "actively look for consolidation opportunities" within the semiconductor capital equipment industry.

Axcelis Rejects Bid 2008