Bairnco chairman urging stockholders to reject Steel Partners' board replacements

By Lisa Kerner

Charlotte, N.C., Feb. 1 - Bairnco Corp. urged its stockholders to reject Steel Partners II, LP's efforts to replace Bairnco's board of directors by immediately returning their white consent revocation cards, according to a company news release.

In a letter to stockholders, Bairnco chairman and chief executive officer Luke E. Fichthorn, III, said Steel Partners is attempting to implement its unsolicited $12.00 per share tender for Bairnco's outstanding common stock.

The offer is "well below Bairnco's current trading price levels and more than 14% lower than the stock's recent 52-week high of $14.00 per share," Fichthorn said.

"Don't be fooled by Steel Partners' rhetoric and finger pointing. It is only meant to obscure their efforts to acquire your company."

Steel Partners is a New York-based hedge fund.

Located in Lake Mary, Fla., Bairnco manufactures high-technology materials for the printed circuit board industry and replacement bank saw products for the food service industry.

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