deals, acquisitions, Semiconductors

Axcelis Hit With Class Action Suits

Robert Buderi 2/29/08

On Monday, Beverly, MA-based semiconductor manufacturing firm Axcelis Technologies (NASDAQ: ACLS) rejected an unsolicited $532 million takeover offer from Sumitomo, saying it substantially undervalued the company. Yesterday, Reuters and others report, Axcelis shareholders filed class-action lawsuits against the company in Delaware and Massachusetts, saying the firm and its board breached their fiduciary responsibilities by declining to negotiate with Sumitomo. The Massachusetts suit, according to Reuters, alleges that Axcelis’s board and leadership declined Sumitomo’s offer “in an attempt to entrench themselves in their positions with the company and to protect their substantial salaries and prestigious positions.” No comment was available from Axcelis.

Bob is Xconomy's founder and editor in chief. You can e-mail him at bbuderi@xconomy.com, call him at 617.500.5926, or follow him on Twitter at http://twitter.com/bbuderi.