Monday, November 2, 2009

Steel Partners Wins By Written Consent

Steel Partners announced today that they have delivered the requisite number of written consents (more than 50% of outstanding shares) to pass all the proposals they made under their consent solicitation. The proposals included the removal of Adaptec's CEO and one other member from the board of directors and the reduction in the size of the board from 9 to 7 members. Steel now effectively controls 4 of 7 board seats.

Read the press release here.