White Electronic Designs amends agreement with Wynnefield Partners

By Lisa Kerner

Charlotte, N.C., Aug. 14 - White Electronic Designs Corp. amended its agreement with Wynnefield Partners Small Cap Value, LP, allowing company chairman Brian Kahn, through his affiliated entities Caiman Partners, LP and Kahn Capital Management LLC, to acquire ownership of up to 19.99% of the company's issued and outstanding common stock through a tender offer.

Kahn's entities agreed to vote for White Electronic's nominees at the 2010 annual meeting, according to a form 8-K filed with the Securities and Exchange Commission.

In February under the original settlement agreement, Wynnefield terminated its proxy solicitation and withdrew its slate of nominees for election to White Electronic's board.

As previously reported, White Electronic's board recently terminated the company's shareholder rights agreement.

Phoenix-based White Electronic manufactures microelectronic and display components and systems.

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