Two activist investors dueling for board seats
|November 11th, 2012||
|Two activist investors are set to battle for ModusLink board seats. Warren Lichtenstein of Steel Partners Holdings announced a proxy fight for three board seats after accumulating a 15% stake in ModusLink, a supply chain management company. Peerless Systems Corp, which has a 2.4% stake, intends to block Lichtenstein and hopes to insert three board members of its own.|
Lichtenstein has a long track record of corporate activism, while Peerless, a publicly traded technology licensing company, is headed by Tim Brog, a former hedge fund manager and activist investor.
ModusLink has three directors up for re-election, which will likely occur in December.
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