Del Global Technologies, the parent of x-ray manufacturer Del Medical Systems of Valhalla, NY, is urging shareholders to reject a hostile bid by investment firm Steel Partners II of New York City to win representation on Del’s board of directors.
Steel Partners announced last month that it would attempt to place three candidates on Del’s five-person board of directors at an upcoming shareholders meeting. Steel Partners said it had filed proxy materials with the Securities and Exchange Commission in connection with the effort.
Del yesterday criticized the investment firm’s effort as an attempt to gain control of the company’s board "at a cheap price," and urged Del investors to reject the Steel Partners proxy solicitation. The vote on the company’s new board will take place at the firm’s next shareholders meeting, scheduled for May 29.
By AuntMinnie.com staff writersMay 7, 2003
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