An investigation on behalf of investors of Steel Excel Inc (OTCMKTS:SXCL) in connection with the proposed takeover was announced and OTCMKTS:SXCL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/20/2017 -- An investigation was announced for investors, who currently hold shares of Steel Excel Inc (OTCMKTS:SXCL), was announced over the takeover of Steel Excel Inc. by Steel Partners Holdings L.P. for $17.80 per share.
Investors who purchased shares of Steel Excel Inc (OTCMKTS:SXCL) and currently hold any of those OTCMKTS:SXCL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Steel Excel Inc breached their fiduciary duties owed to OTCMKTS:SXCL investors in connection with the proposed acquisition.
On December 7, 2016, Steel Partners Holdings L.P. announced it has signed an agreement to acquire the remaining shares it does not own of Steel Excel Inc (OTCMKTS:SXCL). Under the agreement, Steel Partners Holdings L.P. (NYSE:SPLP), through a wholly owned subsidiary, will commence an exchange offer to acquire all of the outstanding shares of Steel Excel's common stock (not owned b Steel Partners or any of its affiliated entities) for $17.80 per share in preferred units of Steel Partners Holdings L.P. (NYSE:SPLP).
However, given that Steel Partners Holdings L.P. (NYSE:SPLP) currently owns approximately 64% of Steel Excel's outstanding shares, the investigation concerns whether the offer is unfair to OTCMKTS:SXCL stockholders. More specifically, the investigation concerns whether the Steel Excel Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On January 19, 2017, OTCMKTS:SXCL shares closed at $16.75 per share.
Those who purchased shares of Steel Excel Inc have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com