Electronics conglomerate Qisda Corp (佳世達) yesterday denied rumors of planned employee layoffs at Alpha Networks Inc (明泰科技), in which it is seeking to purchase larger stake.
Qisda on May 7 began buying more shares in the communications device maker, after saying that it wanted to acquire a maximum 42.81 percent stake, up from 23.8 percent, through a purchasing program that would run through June 23.
Qisda yesterday rebuffed speculation surrounding a corporate restructuring that would involve axing up to 90 employees, and disputed allegations by D-Link Corp (友訊科技) chairman John Lee (李中旺), who in an open letter on Wednesday called Qisda’s share purchases a hostile move and asked authorities to investigate them.
Lee also accused Qisda of deceptive conduct and poor management regarding the planned job cuts, the Chinese-language Apple Daily reported yesterday.
Alpha Networks is a subsidiary of D-Link Corp.
Qisda said Lee had earlier this year proposed downsizing Alpha Networks, and said he had refused to participate in meetings of Alpha Network’s board of directors to discuss Qisda increasing its stake in the firm.
Lee had been replaced as D-Link chairman at the end of April by Qisda’s commercial and industrial products group general manager, April Huang (黃文芳), but a special D-Link shareholders’ meeting in Taipei on Monday last week voted to reinstate him.
Qisda’s purchase of more Alpha Network shares is connected to a boardroom battle at D-Link between Lee, who used to be D-Link’s chief executive as well as vice chairman, and then-chairwoman Lori Hu (胡雪).
Hu allegedly invited Qisda to take a larger stake in Alpha Networks to undermine Lee, but she ended up losing her job at last week’s meeting after Lee gained the support of independent board members and institutional shareholders.
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