Proxy firms side with Steel Partners in Adaptec fight (Dealscape

New York hedge fund Steel Partners Ltd. got some heavy reinforcements in its battle to force Adaptec Inc. to sell its assets when two major proxy advisory firms expressed their dissatisfaction with the direction the data storage company and its management are heading.

Both RiskMetrics Group Inc. and Proxy Governance Inc. support Steel Partners' request that Adaptec CEO Sundi Sundaresh be removed because, as RiskMetrics put it in an Oct. 22 report, "dissidents have made a valid case for greater management and board oversight."

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43 articles related to Adaptec Inc.
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NOT A SUBSCRIBER? Proxy firms side with Steel Partners in Adaptec fight Posted on October 24, 2009 7:30 AM New York hedge fund Steel Partners Ltd. got some heavy reinforcements in its battle to force Adaptec Inc. to sell its assets when two major proxy advisory firms expressed their dissatisfaction with the direction the data storage company and its management are heading. Both RiskMetrics Group Inc. and Proxy Governance Inc. support Steel Partners' request that Adaptec CEO Sundi Sundaresh be removed because, as RiskMetrics put it in an Oct. 22 report, "dissidents have made a valid case for greater management and board oversight." This is a free content preview. Subscribers enjoy access to all stories in full as well as second-to-none market intelligence. Dig deeper, with Pipeline. 312 in-depth reports of Auctions in the Technology sector 239 articles related to Steel Partners 166 company pages related to Data 43 articles related to Adaptec Inc. 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Deutsche Bank Birds Eye Cadbury AG Agrium Inc. Skadden Arps Revolution Money Tandberg ASA Aisling Capital Ken Lewis Natco		EXISTING USERS Username Password Forget your password? Missing a product?

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