Steel Partners buys 1.35 million shares of Adaptec

By Lisa Kerner

Charlotte, N.C., July 8 - Steel Partners, II LP bought 1,351,348 shares of Adaptec, Inc. between June 9 and July 3 priced from $3.13 to $3.20 each.

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

Steel Partners beneficially owns 20,926,416 shares, or 17.3%, of the Milpitas, Calif., data storage company.

In June, Adaptec approved Steel Partners' May 28 purchase trading plan agreement with Mutual Securities, Inc., a registered broker-dealer.

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 10b5-1, it was previously reported.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.