Two activist investors dueling for board seats

November 11th, 2012
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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.
For Detailed Investor Profiles on these Investors, click below:
Steel Partners
Related People: Joshua Schechter; Lawrence Butler; Warren G. Lichtenstein
Related Entities: Steel Partners; Steel Partners II Master Fund LP; Steel Partners Japan Strategic Fund; Steel Partners LLC; WebFinancial LP
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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