Axcelis shareholder opposes directors' election

SAN FRANCISCO, March 28 (Reuters) - Sterling Capital Management, a large shareholder of Axcelis Technologies Inc (ACLS.O), said on Friday it will withhold its vote in the upcoming election of three directors because of differences in how Axcelis's board views a $6 a share buyout offer from Japan's Sumitomo Heavy Industries Ltd (6302.T).

"We believe that SHI represents the most logical acquirer of Axcelis from both a strategic and financial perspective," said Brian Walton, Sterling's managing director, in a letter to Axcelis.

Japan's Sumitomo made a bid to buy the U.S. semiconductor equipment maker for $532 million last month, but later sweetened its offer to $615.6 million. Axcelis has rejected the bid. (Editing by Andre Grenon)