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Loeb ups stake in ESS Technology
By Lisa Kerner
Charlotte, N.C., Nov. 13 - ESS Technology, Inc. investors led by Loeb Partners Corp. bought 639,420 shares of the company's stock between Sept. 4 and Nov. 8. With the purchase, Loeb increased its stake in the company to 11.19% from 8.83%. The reporting persons beneficially own 3,976,935 shares of the Fremont, Calif.-based company.
The shares were priced from $1.25 to $1.60 each, according to a schedule 13D filing with the Securities and Exchange Commission. Loeb may engage in discussions with the company in the future, the filing stated.
On June 19, ESS announced it had formed a strategic transaction committee to investigate strategic alternatives, including a total liquidation of the company.
ESS designs and markets high-performance digital video processor and imaging sensor semiconductors for the consumer digital entertainment, digital home and camera-enabled cellular phone markets.
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