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Samsung Electronics Co

BUSINESS
February 19, 1998 | (Associated Press)
The European Union on Wednesday fined South Korea's Samsung Electronics Co. $36,000 for failing to consult it before buying Irvine-based computer maker AST Research Inc. The modest fine was seen as the EU's way of warning companies not to ignore its fair-competition rules. The European Commission, the EU executive agency, said the fine was relatively low because Samsung appeared to have unintentionally violated EU rules and it has since cooperated with authorities.
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NEWS
December 3, 1997 | DAVID HALDANE, TIMES STAFF WRITER
AST Research Inc., an Irvine-based computer maker, will lay off 37% of its worldwide work force of about 3,000 people in a restructuring to be announced this morning, an AST spokeswoman said. "While it is very painful, it is necessary," spokeswoman Camerone Welch-Thorson of Irvine said. "It will help us to become quick and nimble, and maintain a competitive edge in a very dynamic and rapidly changing PC market." The announcement was to be made at 6 a.m. PST, Welch-Thorson said.
BUSINESS
October 29, 1997 | Bloomberg News
Samsung Electronics Co. won approval in Delaware state court Tuesday to add $9.3 million to its purchase price for computer maker AST Research Inc. The settlement increased the price for Irvine-based AST to $5.40 a share from $5.10 a share. "The $5.40 per share obtained was an excellent result given the financial condition of AST at the time," said Jonathan Plasse, an attorney for AST.
BUSINESS
August 12, 1997 | P.J. HUFFSTUTTER, TIMES STAFF WRITER
Beleaguered computer maker AST Research Inc. officially folded into the Samsung Electronics Co. family on Monday. One of the South Korean firm's first moves is to boost morale among its new employees with gifts and a companywide pep rally. On Friday, Samsung will give the entire AST staff its choice of a free color TV, microwave or VCR. AST has 3,100 employees worldwide. "They wanted to give us a mini-refrigerator for our desks, but people didn't react too well to that," one AST official said.
BUSINESS
August 5, 1997 | P.J. HUFFSTUTTER, TIMES STAFF WRITER
Samsung Electronics Ltd. said Monday it has received all the necessary approvals from the South Korean government to buy AST Research Inc. Samsung had extended its $5.40-per-share, or $170-million, tender cash offer for the shares of AST it did not already own while it awaited these approvals. The South Korean firm, the world's largest producer of memory chips, already owns 49% of the Irvine company.
BUSINESS
July 23, 1997
For the third time, Samsung Electronics Co. extended its cash tender offer for all shares of Irvine-based computer maker AST Research Inc. that the South Korean company doesn't already own. The offer for the nearly 27.8 million shares--or 88% of the remaining stock Samsung doesn't yet own--will now expire on Aug. 8. The delay will give Samsung time to receive clearance for the deal from the South Korean government. Samsung already owns 49% of the company.
BUSINESS
July 23, 1997 | P.J. HUFFSTUTTER, TIMES STAFF WRITER
For the third time, Samsung Electronics Co. Ltd. extended its cash tender offer for all shares of computer maker AST Research Inc. that the South Korean company doesn't already own. The offer for the nearly 27.8 million shares--or 88% of the remaining stock Samsung doesn't yet own--will now expire Aug. 8. During the 1980s, AST was one of the fastest-growing high-tech companies in the world. But by the early '90s, AST began to stumble badly.
BUSINESS
June 19, 1997 | (Times Wire Services)
Samsung Electronics Co. extended to July 1 its cash tender offer for all shares of computer maker AST Research Inc. that Samsung doesn't already own. Samsung Electronics said Wednesday that it is extending the offer to allow additional time to receive approvals for the deal from the government of South Korea. Samsung said nearly 27.4 million AST shares, or 87% of the shares not owned by Samsung, had been tendered by the Tuesday deadline.
BUSINESS
May 6, 1997 | JOHN O'DELL, TIMES STAFF WRITER
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.
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