Home > News > Company News > Adaptec Announces Glass, Lewis & Co. Recommends Adaptec Stockholders REJECT Steel Partners` Consent Solicitation

Adaptec Announces Glass, Lewis & Co. Recommends Adaptec Stockholders REJECT Steel Partners` Consent Solicitation

Post Time:Oct 13,2009Classify:Company NewsView:244

Adaptec, Inc. (Nasdaq:ADPT), the global leader in I/O innovation, today reported
that Glass, Lewis & Co. has recommended that stockholders reject all of the
proposals solicited by Steel Partners II, L.P., a minority investor in Adaptec.
Stockholders may follow the recommendation of this leading proxy advisor by
submitting the GOLD consent revocation card.

The report by Glass, Lewis & Co. said Steel has "[no] substantive plan for
improvement other than a sale of the Company`s operating business." Glass, Lewis
& Co. said that, in its view, now is not the right time to sell the company.

The Oct. 9 report also said Glass, Lewis & Co. "is not convinced that Steel is
the appropriate candidate to address the Company`s performance challenges. Given
that the Steel Partners nominees have served on the Company`s board since
December 2007, with seemingly little improvement in the Company`s operational
performance, we see no reason to believe that their re-appointment to the board
through the removal of directors [CEO Subramanian] Sundaresh and [Robert J.]
Loarie would have a more significant impact at this time."

"We agree with Glass, Lewis: Steel is proposing the wrong approach at the wrong
time. We are encouraged by the improvements in the performance of our operations
in the wake of the initiatives the Board launched in 2005. Under CEO Sundaresh,
Adaptec has refocused its business and its legacy technologies, added to its
cash position and launched new products that are being well received by
customers," said Douglas E. Van Houweling, Chairman of Adaptec`s Governance and
Nominating Committee. "The Board is considering additional steps to drive
Adaptec to the next level. Already, it has strengthened its oversight of
management through the appointment of a Chairman with extensive technology
experience, and it has engaged a financial advisor to consider value-creating
strategies. The Board remains open to considering options that might deliver
value to stockholders, including an acquisition or a sale at the right time, or
a return of cash to stockholders."

Adaptec urges stockholders to follow the recommendation of this independent
advisory firm and NOT give consent or sign a white consent card. Instead, mark
the "Yes, Revoke My Consent" boxes on the GOLD Consent Revocation card and mail
it immediately. If you already have given your consent on a white card, you may
revoke it by signing, dating and mailing the GOLD Consent Revocation card
immediately.

If stockholders have any questions, or need assistance in revoking their
consent, they may contact Georgeson at 1- 800-223-2064 or at

The company did not seek nor obtain permission from Glass, Lewis & Co. for the
disclosure of the information contained herein.

Source: ReutersAuthor: shangyi

Hot News

返回顶部