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Article: Steel Partners Derails Adaptec Board's Plans to Consider Cash Dividend.(Company overview)
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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Adaptec, Inc. (Nasdaq:ADPT), the global leader in I/O innovation, today commented on the efforts by Steel Partners II L.P., a hedge fund and minority stockholder in Adaptec, to prevent the Adaptec Board from taking further steps toward the payment of a significant cash dividend to stockholders.
Steel publicly revealed its latest threat in its Oct. 22 news release, which stated: "Steel Partners warned that if the Legacy Directors attempt to take such action [to distribute cash], that each director would be held personally accountable for any diminution of stockholder value." This public comment came within days of Steel's Board representatives learning that ...