Vladimir Zapletin
Steel Connect (NASDAQ:STCN) -10.2% post-market Tuesday after Steel Partners (NYSE:SPLP) terminated the merger deal between the two companies after a majority of the parent’s outstanding shares failed to approve the agreement; no additional explanation was provided.
Under the original deal terms, Steel Connect shareholders would have received $1.35/share in cash and one contingent value right to receive their pro rata share of net proceeds, to the extent such net proceeds exceeded $80M plus certain related costs and expenses, if the company’s ModusLink subsidiary was sold during the two years following completion of the merger.
Last week, Steel Partners (SPLP) reported Q3 GAAP earnings of $1.45/share on revenues of $425M.
Image and article originally from seekingalpha.com. Read the original article here.