Adaptec shareholder Steel Partners' consent solicitation a success

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Steel Partners II, LP said it has received the amount of written consents from Adaptec, Inc. shareholders needed to pass all proposals made in its consent solicitation.

According to Steel Partners, it delivered consents by stockholders owning more than 50% of Adaptec's outstanding shares.

The proposals include removing Adaptec chief executive officer S. "Sundi" Sundaresh and Robert J. Loarie from the board of directors and reducing the number of board members to seven from nine.

Steel Partners said the removal of Sundaresh and Loarie from the board of the Milpitas, Calif., data storage company became effective on Friday.

"This strong display of shareholder support validates our belief that it is time for accountability and change at Adaptec," Steel Partners' Warren Lichtenstein said in a news release.

"Going forward, the board's independence assures that its interests are aligned with the interests of the company's shareholders and stakeholders."

Adaptec chairman Joseph Kennedy had urged shareholders to reject the consent solicitation, accusing Steel Partners of attempting to "shade the truth."

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