US buyout firm TPG has suffered a setback on a hostile bid for a Japanese semiconductor equipment manufacturer a week after it pulled out of another deal in the country.
Sumitomo Heavy Industries, in partnership with TPG, tabled an unsolicited offer of $544m (â¬367m) for Axcelis Technologies on February 4. The bid was rejected by Axcelisâ board yesterday on the grounds that it undervalued the business, according to Bloomberg.
