Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Steel Partners to Acquire All Issued and Outstanding Stock of Steel Connect in Definitive Merger.

Document Cited in Related
Vincent

MANews-(C)2009-2022

US-based global holding company Steel Partners Holdings L.P. (NYSE: SPLP) has entered into a merger agreement to acquire the remaining issued and outstanding common stock of US-based holding company Steel Connect and Steel Connect, Inc. (NASDAQ: STCN) issued and outstanding, to become a wholly owned subsidiary of Steel Partners, the company said.

Holders of Steel Connect's outstanding shares of common stock will receive USD 1.35 per share in cash and one contingent value right (CV) to receive their pro rata share of net proceeds, to the extent such net proceeds exceed USD 80m plus certain related costs and expenses, if Steel Connect's ModusLink subsidiary is sold during the two-year period following completion of the merger.

The merger is not subject to a financing condition, and is expected to occur in the second half of 2022.

Steel Connect's board of directors and the board of directors of Steel Partners' General Partner approved the merger agreement and the transactions contemplated by the merger agreement.

Houlihan Lokey is serving as the...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT