Steel Partners Urges Aderans’ Shareholders to Oppose White Knight

May 12th, 2009
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Reuters has reported that activist hedge fund Steel Partners sent a letter today to fellow shareholders urging them to reject private equity firm Unison Capital’s bid for a 35% stake in Aderans Holdings (8170.T). Steel Partners has been vocally criticizing management and pushing for change at the Japanese wig-maker. Steel Partners believes that the offer is too low and that Unison Capital’s influence will not benefit current shareholders.
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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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