ModusLink Global (MLNK) Comments on Handy & Harman (HNH) Statement; Won't Release Details of Review Yet
Tweet
Share
E-mailGet Alerts MLNK Hot Sheet
Join SI Premium – FREE
ModusLink Global Solutions, Inc. (Nasdaq: MLNK), issued the following statement in response to the press release issued by Handy & Harman Ltd. (Nasdaq: HNH) together with BNS Holding, Inc. and Steel Partners, Ltd. earlier today:
ModusLink’s Board of Directors and management team are committed to acting in the best interests of the Company and ALL ModusLink stockholders. Last November, ModusLink’s Board of Directors commenced a comprehensive review of the strategic alternatives available to the Company to enhance stockholder value. Contrary to the HNH Group’s assertions, that process is well underway as stated on the Company’s recent quarterly investor conference call, and it would be inappropriate for the Board to potentially jeopardize the process by publicizing details. Furthermore, the Stockholder Rights Agreement that was adopted by ModusLink’s Board on March 21, 2012, enables the Company to continue to conduct an orderly, thorough and deliberative process of exploring the Company’s strategic alternatives.
As stated in the announcement yesterday, the Stockholder Rights Agreement is intended to enable ModusLink stockholders to realize the long-term value of their investment in the Company and is designed to reduce the likelihood that any person or group would accumulate 15 percent or more of the stock or engage in other coercive takeover tactics without paying a control premium to all stockholders. Furthermore, the issuance of the Rights is not intended to prevent a transaction that is determined by the Board of Directors to be fair, advisable and in the best interests of all ModusLink stockholders.
ModusLink’s Board of Directors and management team are committed to acting in the best interests of the Company and ALL ModusLink stockholders. Last November, ModusLink’s Board of Directors commenced a comprehensive review of the strategic alternatives available to the Company to enhance stockholder value. Contrary to the HNH Group’s assertions, that process is well underway as stated on the Company’s recent quarterly investor conference call, and it would be inappropriate for the Board to potentially jeopardize the process by publicizing details. Furthermore, the Stockholder Rights Agreement that was adopted by ModusLink’s Board on March 21, 2012, enables the Company to continue to conduct an orderly, thorough and deliberative process of exploring the Company’s strategic alternatives.
As stated in the announcement yesterday, the Stockholder Rights Agreement is intended to enable ModusLink stockholders to realize the long-term value of their investment in the Company and is designed to reduce the likelihood that any person or group would accumulate 15 percent or more of the stock or engage in other coercive takeover tactics without paying a control premium to all stockholders. Furthermore, the issuance of the Rights is not intended to prevent a transaction that is determined by the Board of Directors to be fair, advisable and in the best interests of all ModusLink stockholders.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boeing names Ryan Shedd as new SVP and controller
- Kimbell Royalty closes $221.2M mineral rights acquisition
- Nuvectis Pharma (NVCT) files $200M mixed shelf
Create E-mail Alert Related Categories
Corporate NewsRelated Entities
Steel PartnersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
