WASHINGTON (dpa-AFX) - ModusLink Global Solutions, Inc. (MLNK) issued a statement in response to the press release issued by Handy & Harman Ltd. (HNH) together with BNS Holding, Inc. and Steel Partners, Ltd. earlier today.
ModusLink said that its Board of Directors and management team are committed to acting in the best interests of the Company and ALL ModusLink stockholders. Last November, ModusLink's Board of Directors commenced a comprehensive review of the strategic alternatives available to the Company to enhance stockholder value.
Contrary to the HNH Group's assertions, that process is well underway as stated on the Company's recent quarterly investor conference call, and it would be inappropriate for the Board to potentially jeopardize the process by publicizing details, ModusLink Global Solutions said.
Furthermore, the Stockholder Rights Agreement that was adopted by ModusLink's Board on March 21, 2012, enables the Company to continue to conduct an orderly, thorough and deliberative process of exploring the Company's strategic alternatives. The Stockholder Rights Agreement will expire on March 21, 2013, unless the Rights are redeemed earlier by the Company.
In its today letter, Handy & Harman 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.
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