Steel Partners to vote for acquisition of Angelica

By Lisa Kerner

Charlotte, N.C., May 27 - Angelica Corp. shareholders led by Steel Partners II, LP entered into an agreement with Clothesline Holdings, Inc. to vote its shares in favor of the company's merger with Clothesline and Clothesline Acquisition Corp., a schedule 13D filing with the Securities and Exchange Commission reported.

On May 22, Angelica announced it agreed to be acquired by a company formed by Lehman Brothers Merchant Banking Partners IV LP for $22 per share in cash.

Steel Partners beneficially owns 1,792,770 shares, or about 18.8%, of the Chesterfield, Mo.-based textile rental and linen management services company.

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