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Adaptec investor Steel Partners buys more than 1.76 million shares
By Lisa Kerner
Charlotte, N.C., Nov. 16 - Adaptec, Inc. investors led by Steel Partners Holdings LP bought 1,761,623 shares of the company's stock between Nov. 3 and Nov. 12 priced from $3.21 to $3.25 each, according to a schedule 13D/A filed with the Securities and Exchange Commission on Monday.
Steel Partners beneficially owns 19,366,307 shares, or 16.1%, of the Milpitas, Calif., data storage company's outstanding stock.
As previously reported, Steel Partners received the needed amount of written consents from Adaptec stockholders at the company's Nov. 2 special meeting to pass its three proposals.
The three proposals, which took effect Oct. 30, were to:
• Remove Adaptec chief executive officer S. "Sundi" Sundaresh and Robert J. Loarie from the board of directors;
• Reduce the Adaptec board to seven members from nine; and
• Repeal any provision of the company's bylaws in effect on the effective date that was not included in the bylaws that became effective on May 6, 2009.
Joseph Kennedy resigned as chairman of the board, and Adaptec canceled its 2009 annual meeting.
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