Steel Partners Holdings LP SPLP:NYSE

Last Price$43.51NYSE Previous Close - Last Trade as of 7:00PM ET 8/11/22

Today's Change-0.10(0.23%)
Bid (Size)N/A (N/A)
Ask (Size)$48.42 (1)
Day Low / High$43.06 - 44.02
Volume1.4 K

Steel Partners Agrees to Acquire Steel Connect for $80 Million

6:25AM ET 6/13/2022 MT Newswires
Steel Partners Holdings (SPLP) said Monday it agreed to acquire Steel Connect (STCN) for $80 million.

Under the terms of the agreement, Steel Connect shareholders will receive $1.35 per share in cash and one contingent value right to receive their pro rata share of net proceeds. The total proceeds could exceed $80 million, plus certain related costs and expenses, if Steel Connect's subsidiary, ModusLink is sold during the two-year period after the deal closes.

The deal, which is subject to shareholder approval, is expected to complete in H2 after which Steel Connect will become a wholly owned subsidiary of Steel Partners. Both companies' boards have approved the transaction.

The deal also includes a go-shop period that expires on July 12.