WASHINGTON (dpa-AFX) - Handy & Harman Ltd. or HNH, which together with certain affiliates owns approximately 14.9% of the outstanding shares of ModusLink Global Solutions Inc. (MLNK), issued a letter denouncing the adoption of a poison pill by ModusLink as further evidence of its Board of Directors' entrenchment.
In its letter, HNH called upon the ModusLink Board to promptly publicly disclose the progress and status of ModusLink's strategic alternatives review process and ModusLink's plans with respect to its business and management in the event it fails to execute a strategic transaction, including, without limitation, the intended structure and composition of the Board and the replacement of CEO Joseph Lawler.
HNH also asked the ModusLink Board to promptly publicly disclose the current number of shares of Common Stock that may be purchased by the Company's existing '5-percent stockholders' without triggering an 'ownership change' under Section 382 of the Internal Revenue Code.
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