Agilysys shareholder group to seek support for increasing its stake

By Lisa Kerner

Charlotte, N.C., Nov. 23 - MAK Capital Fund LP and Paloma International LP announced they intend to solicit proxies at Agilysys, Inc.'s special meeting scheduled for Jan. 5 and have filed a preliminary proxy statement with the Securities and Exchange Commission in connection with the solicitation.

Agilysys shareholders will be asked to authorize the MAK Group to acquire additional shares of Agilysys to increase their stake in the company to 20% or more but less than 33 1/3% under Ohio law.

The investors collectively own about 19.2% of Agilysys' shares.

The record date for the meeting is Nov. 24.

"We are seeking to increase our investment in Agilysys because we believe in the long-term prospects of the company," MAK Capital managing member Michael A. Kaufman said in a news release.

"Although one of MAK Capital's employees, R. Andrew Cueva, currently sits on the board, we are not seeking to control the company."

MAK Capital said it has retained MacKenzie Partners, Inc. as its proxy solicitor.

Agilysys is a Solon, Ohio-based IT solutions provider.

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