Wynnefield urges White Electronic Designs to accept $6.05-per-share offer

By Lisa Kerner

Charlotte, N.C., Nov. 3 - White Electronic Designs Corp. shareholder Wynnefield Capital, Inc. asked the company's board of directors to accept Brian Kahn's offer to acquire the company for $6.05 per share or come forward with a better offer.

Wynnefield made its request in an Oct. 31 letter to White Electronic's board. The letter was included in a schedule 13D/A filed with the Securities and Exchange Commission.

The investor also asked the board to "publicly establish a specific deadline for the completion of its strategic review process and act with dispatch to maximize shareholder value," the filing said.

In an Oct. 16 letter to White Electronic, Wynnefield made several recommendations to the company that included the appointment of Kahn, with Kahn Capital Management LLC, to the company's board and delaying the search for a new chief executive officer until after the strategic committee has publicly presented its recommendations.

It was previously reported that White Electronic said it will operate exclusively as a defense electronics manufacturer and supplier following the disposal of its display systems division.

The division is a Hillsboro, Ore., supplier of enhanced flat panel display systems.

In a Sept. 29 letter to White Electronic, Wynnefield asked the company's board to provide specifics regarding its process to review strategic alternatives.

Wynnefield owns 6% of White Electronic. The Phoenix-based company manufactures microelectronic and display components and systems.

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