Steel Partners and Handy & Harman: Investment and Settlement Agreements with ModusLink
Represented Steel Partners Holdings L.P. and Handy & Harman Ltd. in negotiating investment and settlement agreements with ModusLink Global Solutions, Inc. (NASDAQ: MLNK) in advance of ModusLink’s annual meeting of stockholders. Pursuant to the agreements, Steel Partners Holdings L.P. agreed to purchase 7.5 million newly-issued shares of ModusLink’s common stock, plus warrants to purchase 2.0 million shares of common stock, for a total investment of $30 million, and ModusLink agreed to nominate and solicit proxies solely for Handy & Harman representatives Warren G. Lichtenstein and Glen M. Kassan for election as directors at ModusLink’s annual meeting. Three different stockholder groups (including Handy & Harman) had submitted director nominations and filed preliminary proxy materials in connection with the annual meeting. Yahoo Finance, BusinessWire and other media reported on this matter.