White Electronic chairman boosts stake to 18.06% with tender offer

By Lisa Kerner

Charlotte, N.C., Sept. 16 - Desert Equity LP said approximately 3,315,836 shares of White Electronic Designs Corp. common stock were tendered in its offer that ended at 12:01 a.m. ET on Wednesday.

The total includes approximately 20,545 shares tendered by notices of guaranteed delivery, according to a Desert Equity news release.

Company chairman Brian Kahn is the sole member of Desert Management LLC, the general partner of Desert Equity.

Desert Equity said it will purchase the tendered shares for $4.25 each for a total of $14.09 million.

In August, Desert Equity announced it would buy up to 3.74 million, or 16.3%, of White Electronic's outstanding shares.

Following the share purchase, Desert Equity will own 3,315,836, or approximately 14.45%, of White Electronic's outstanding shares.

Kahn will beneficially own 4,142,036, or approximately 18.06%, of the company's outstanding shares.

As previously reported, White Electronic amended its agreement with a shareholder group including Wynnefield Partners Small Cap Value, LP, allowing Kahn, through his affiliated entities Caiman Partners, LP and Kahn Capital Management LLC, to acquire ownership of up to 19.99% of the company's issued and outstanding common stock through a tender offer.

As part of the agreement with White Electronic, Kahn's entities agreed to vote for the company's nominees at the 2010 annual meeting.

Phoenix-based White Electronic manufactures microelectronic and display components and systems.

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