Investor Sues For Axcelis Docs On Rejected Merger

Law360, New York (April 2, 2009, 12:00 AM EDT) -- An institutional investor has sued semiconductor equipment manufacturer Axcelis Technologies Inc. in a bid to get its hands on the company's corporate records after Axcelis' board rejected a $630 million merger offer by a Japanese rival and ignored shareholder calls for the ousting of three directors.

Michigan pension fund City of Westland Police & Fire Retirement System filed the complaint Thursday in the Delaware Chancery Court after Axcelis refused to open its books for inspection in December.

The shareholder says it has grounds to believe that...
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