Steel Partners buys 738,246 shares of Adaptec

By Lisa Kerner

Charlotte, N.C., Nov. 5 - Steel Partners, II LP bought 738,246 shares of Adaptec, Inc. between Sept. 17 and Oct. 30 priced from $2.6807 to $3.20 each.

The transactions were reported in a schedule 13D filed with the Securities and Exchange Commission.

Steel Partners beneficially owns 22,012,046 shares, or 18.1%, of the Milpitas, Calif., data storage company.

On Oct. 30, Steel Partners entered into a purchase trading plan agreement with Mutual Securities, Inc., a registered broker-dealer, the filing said.

The agreement establishes a trading plan to effect purchases of Adaptec shares in compliance with all applicable laws, including section 10(b) of the Securities Exchange Act of 1934, as amended, as well as rule 10(b)5-1.

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