Steel Partners increases stake in Adaptec to 14.99%

By Lisa Kerner

Charlotte, N.C., Aug. 15 - Steel Partners II, LP bought 1,445,808 shares of Adaptec, Inc. stock between Aug. 1 and Aug. 10 priced from $3.51 to $3.64 each.

The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.

Steel Partners owns 17,825,808 shares, or 14.99%, of the Milpitas, Calif., data storage company.

On June 25, the investor nominated Jack L. Howard, John J. Quicke, John Mutch, Howard M. Leitner and Anthony Bergamo for election to the company's board of directors at Adaptec's 2007 annual meeting. At that time, Steel Partners owned 16,380,000 shares, or 13.8%, of Adaptec's outstanding stock.

Steel Partners previously expressed concerns over Adaptec's performance and acquisition strategy.

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