May 6, 1997 |
Samsung Electronics Co.'s bid to buy the 51% of AST Research Inc. that it doesn't already own advanced a notch Monday when the Federal Trade Commission approved the $474-million purchase before the 30-day antitrust waiting period expired. The action isn't likely to expedite the deal, however, a Samsung spokesman said. Samsung's tender offer to acquire the 31 million shares of AST stock in other investors' hands expires May 19. Samsung will pay $5.
April 29, 1997 |
Still struggling to get a grip on the problems plaguing AST Research Inc., the computer maker's largest shareholder has installed another new chief executive. Samsung Electronics Co., which is acquiring AST, has named longtime Samsung executive Soon-Taek Kim, 48, as chief executive. He succeeds former Samsung executive Young Soo Kim, who resigned after only eight months on the job at AST, citing "personal reasons." Young Soo Kim will remain a member of AST's board of directors.
April 16, 1997 |
After buying pieces of AST Research Inc. for nearly two years, Samsung Electronics Co. finally has a deal to acquire the computer manufacturer outright but still faces the same basic problem of how to reverse AST's sliding fortunes. Samsung said Tuesday it will pay $5.40 per share, or 30 cents per share more than its initial offer last January, for the 31 million shares of AST stock it does not already own.
April 15, 1997 |
AST Research Inc. is expected to announce today that it has agreed to be acquired by Samsung Electronics Co., marking the final chapter for a computer manufacturer that was started by three immigrants in 1980 and went on to become an industry giant before stumbling badly in recent years. AST's board of directors, acting on the recommendation of a special committee, voted Monday to approve the deal, three months after it was proposed by Samsung, sources close to the negotiations said.
February 27, 1997
AST Research Inc.'s independent directors hired Morgan Stanley & Co. to help them evaluate Samsung Electronics Co.'s offer to buy the remaining 54% of AST that Samsung doesn't own. South Korea-based Samsung offered last month to buy the rest of AST Research for $469 million in cash and assumed debt. It said it would pay $5.10 for each share of the struggling computer maker and assume about $307 million of debt.
February 11, 1997
A group of AST Research Inc. investors said Monday that they have formed a committee to review the company's negotiations with would-be acquirer Samsung Electronics Co., the second such committee formed in the past week. The latest group, which also criticized Samsung's offer to acquire AST as too cheap, is headed by Saeid Hariri, a property manager who lives in Laguna Hills. Hariri said he owns about 34,000 shares of AST stock.
February 7, 1997 |
A group of AST Research Inc. shareholders formed a committee Thursday to monitor the struggling computer manufacturer's negotiations with would-be acquirer Samsung Electronics Co. "People are wondering whether this is a fair offer and how the company got into this shape," said Dan Montano, who described himself as an Orange-based investment banker asked by several AST shareholders to help create a "shareholders protection committee."
February 7, 1997 |
A group of AST Research Inc. shareholders formed a committee to monitor the struggling computer manufacturer's negotiations with would-be buyer Samsung Electronics Co. "People are wondering whether this is a fair offer and how the company got into this shape," said Dan Montano, who described himself as an Orange-based investment banker asked by several AST shareholders to help create a "shareholders' protection committee." AST executives declined to comment.
February 3, 1997 |
For two companies so closely aligned, Samsung Electronics Co.'s proposal last week to acquire AST Research Inc. had all the romance of a shotgun wedding. Samsung started with a cordial letter stating its "wishes to commence negotiations" to buy the 51% of the Irvine computer manufacturer it does not already own. But in the ensuing pages of a release issued by the Korean company, Samsung proceeded to pound AST over the head.
February 1, 1997 |
AST Research Inc. was hit with a shareholder lawsuit Friday accusing the computer manufacturer of allowing its financial condition to deteriorate so that Samsung Electronics Co. could acquire the company at a bargain price. The suit alleges that AST has pursued strategies set by Samsung that caused AST's share of the computer market to shrink and its stock price to tumble. Samsung, which already owns 49% of AST, offered to buy the remainder of the company on Thursday for $5.10 per share.