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.
July 23, 1997 |
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.
June 19, 1997 |
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.
June 11, 1997 |
European Union antitrust authorities on Tuesday approved the purchase of Irvine-base computer manufacturer AST Research by South Korea's Samsung Electronics Co. The commission said the level of the companies' sales of personal computers in EU markets was small and there was "virtually no overlap resulting from the proposed operation."
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.