White Electronic Designs chairman has 17.98% ownership interest

By Lisa Kerner

Charlotte, N.C., Sept. 22 - Desert Equity LP said it will pay a total of $14.02 million for 3,298,139 shares of White Electronic Designs Corp. common stock accepted in Desert Equity's tender offer that ended on Sept. 16.

The final tender offer results were tabulated by American Stock & Transfer Trust Co., LLC, according to a Desert Equity news release.

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

Brian R. Kahn - chairman of White Electronic's board of directors and sole member of Desert Equity's sole general partner, Desert Management LLC - beneficially owns 4,124,339 shares, or approximately 17.98% 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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