| Title: | Axcelis Technologies Inc (M&A Insight Note) |
| Price: | $100.00 |
| Publication Date: | Apr 07, 2008 |
| Company: | Axcelis Technologies Inc |
| Report Type: | M&A Insight Note |
| Brief Excerpt: | ...On March ##, Sterling Capital, the second larg est holder (##%) of Ax celis Technologies (ACLS), publicly announced its intention to withhold votes from the three incumbent ACLS directors up for election at the comp any s annual meeting scheduled for May #. Sterling s public announcement reflects its fr ustration at the lack of progress in the company s ongoing takeover drama with Sumito mo Heavy Industries (SHI), a Japanese manufacturer. Sumitomo had previously announced on Feb. ## an unsolicited $#.## per share bear hug cash offer for ACLS. Sumito mo subsequently sweetened its offer to $# per share on March ##. ACLS has rejected the sweetened bid as opportunistic and undervaluing the company. ... |
| Word Count: | 1787 |
| Length: | 4 Pages |
| Ticker: | ACLS |
| Related Report(s): | - Axcelis Technologies Inc (Corporate Governance Quotient (CGQ)): $250.00
...Only one inside director and no affiliated outsiders serve on the board The nominating committee is comprised solely of independent outside directors The compensation committee is comprised solely of independent outside directors The company has a committee that oversees governance issues and the committee met in the past year There are between six and eight directors serving on the board The CEO serves on the boards of two or fewer other companies No former CEO of the company serves on the board The company has governance guidelines that have been publicly disclosed on company website The performance of the board is reviewed regularly Outside directors meet without the CEO present and the number of meetings of the outside directors is specified A board approved CEO succession plan is in place Board members have express authority to retain outside advisors Directors are required to submit a letter of resignation upon a job change One or more director...
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