Adaptec investor Steel Partners buys more than 1.99 million shares

By Lisa Kerner

Charlotte, N.C., Dec. 4 - Adaptec, Inc. investors led by Steel Partners Holdings LP bought 1,997,343 shares of the company's stock between Nov. 30 and Dec. 3 priced from $3.1176 to $3.1843 each, according to a schedule 13D/A filed with the Securities and Exchange Commission on Friday.

Between Nov. 13 and Nov. 27, Steel Partners bought 1,662,087 shares for a 17.6% stake, a prior SEC filing said.

Steel Partners beneficially owns 23,213,607 shares, or 19.3%, of the Milpitas, Calif., data storage company's outstanding stock.

As previously reported, Steel Partners received the needed amount of written consents from Adaptec stockholders at the company's Nov. 2 special meeting to pass its three proposals.

The three proposals, which took effect Oct. 30, were to:

• Remove Adaptec chief executive officer S. "Sundi" Sundaresh and Robert J. Loarie from the board of directors;

• Reduce the Adaptec board to seven members from nine; and

• Repeal any provision of the company's bylaws in effect on the effective date that was not included in the bylaws that became effective on May 6, 2009.

Joseph Kennedy resigned as chairman of the board, and Adaptec canceled its 2009 annual meeting.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.