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February 11, 2013
09:33 EDTMLNK, HNH, SPLPSteel Partners acquires 7.5M ModusLink shares at $4.00
ModusLink (MLNK) announced that it has entered into an investment agreement with Steel Partners Holdings L.P. (SPLP), which together with certain affiliates, including Handy & Harman (HNH), beneficially owns 14.9% of ModusLink’s outstanding shares. Under the terms of the agreement, Steel Holdings would purchase 7.5M newly issued shares of common stock at a price of $4.00 per share, representing a cash investment in the company, before fees and expenses, of $30M. The $4.00 purchase price per share represents a 45% premium to the closing market price for ModusLink common stock on Friday, February 8. In addition, at the closing of the transaction the company would issue Steel Holdings warrants to acquire 2.0M shares at an exercise price of $5.00 per share. In addition, the Steel Group may purchase up to approximately 1.4M shares of ModusLink’s outstanding common stock, subject to proportionate adjustment. If all stock is purchased and all warrants are exercised as permitted under the agreement, the Steel Group would own approximately 32.6% of ModusLink’s outstanding shares.
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