Qioptiq logo Raytheon

BUSINESS NEWS

26 Aug 10. The Wynnefield Group, a long-term stockholder in the Allied Defense Group, Inc. (AMEX: ADG – News), today announced that, with other
institutional shareholders, it had successfully stopped ADG’s unfair proposed dissolution plan. On August 23, 2010 representatives of the Wynnefield Group contacted several members of ADG’s Board of Directors and expressed their objection to ADG’s proposed Plan of Dissolution – Proposal 2 to ADG’s Proxy Statement on Schedule 14A dated July 27, 2010 in connection with the Special Meeting of Stockholders scheduled to be held on August 31, 2010. Wynnefield encouraged other institutional holders to review the Plan of Dissolution and pointed out the inequitable nature of the proposal. Among other things, Wynnefield objected to: (i) ADG’s intention to file a certificate of dissolution immediately following consummation of the proposed sale of all of ADG’s assets to Chemring Group, PLC (if approved by stockholders at the Stockholders Meeting); (ii) closing ADG’s stock transfer books upon filing of the certificate of dissolution, thereby preventing any further market transactions in ADG’s Common Stock; and (iii) ADG’s intention to terminate its reporting obligations under the Securities Exchange Act of 1934, as amended (the “34 Act”). After seeking the views of several other of ADG’s institutional stockholders, the Wynnefield Group advised the Issuer of its intention to vote against the Plan of Dissolution, and that it would encourage other stockholders to do the same, unless the Issuer addressed the stockholders’ concerns. As a result of further discussions between the Wynnefield Group and ADG, the Company agreed to adjourn the stockholder vote on Proposal 2 – the Plan of Dissolution – for approximately 30 days to on or about September 30, 2010; refrain from filing a certificate of dissolution (in the event Proposal 2 is approved by stockholders) until at least August 31, 2011; and also to continue to file all periodic reports with the Securities and Exchange Commission required under the Securities Exchange Act of 1934 (e.g. 10-Q’s, 10-K’s, 8-K’s and 14-A’s) during this one-year period. On August 25, 2010, ADG filed a supplement to the Proxy Statement reflecting these commitments. (Source: Yahoo!/BUSINESS WIRE)

23 Aug 10. Hewlett-Packard Co. launched a bidding war for data-storage provider 3PAR Inc., making a $1.6bn bid that is one-third higher than what rival Dell Inc. agreed last week to pay for the company. The offer Monday comes as technology companies appear to be increasing merger-and-acquisition activity as cash levels sit at record levels, highlighted by Thursday’s $7.68bn deal between Intel Corp. and McAfee Inc. H-P is offering $24 a share for 3PAR, compared with Dell’s deal for $18, orabout $1.15bn in cash. Before that agreement was made public, 3PAR last traded at $9.65. Shares of 3PAR jumped 36% to $24.60 premarket, while Dell rose 0.3% to $12.10 and H-P slid 1% to $39.45. H-P called its bid “substantially superior” to Dell’s and said it is poised to clinch a deal “immediately following your termination of the Dell merger agreement.”
Dell and H-P, both of whose main market is selling personal computers, are looking to grab a bigger piece of corporate spending on data centers as information-technology budgets gradually come back. (Source: WSJ)

26 Aug 10. Dell Inc. raised its takever offer for 3PAR Inc. to about $1.53bn in cash, slightly topping an offer made by rival Hewlett-Packard Co. earlier this week. The new Dell bid, which was approved by 3PAR’s board, is $24.30 a share, compared with H-P’s offer of $24 a share. 3PAR’s board has deemed Dell’s proposal “superior.” After the news was announced, shares of 3PAR fell 37 cents, or 1.4%, to $26.39 in New York Stock Exchange trading Thursday. Dell shares rose four cents to $11.82, and H-P shares gained 20 cents to $38.44. 3PAR’s shares had jumped as high as $27.49 Wednesday on hopes for a higher bid. On Aug. 16, Dell said

Back to article list