NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Steel Connect, Inc. ( STCN) (“Steel Connect”) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by Steel Partners Holdings L.P. (: SPLP) (“Steel Partners”).
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On June 13, 2022, Steel Connect announced that it had entered into an agreement to be acquired by Steel Partners in a cash deal. Pursuant to the merger agreement, Steel Partners will pay $1.35 per share in cash and issue one contingent value right (“CVR”) to receive their pro rata share of net proceeds, to the extent such net proceeds exceed $80 million plus certain related costs and expenses, if Steel Connect’s ModusLink subsidiary is sold during the two-year period following completion of the merger. The deal is scheduled to close in the second half of 2022.
Bragar Eagel & Squire is concerned that Steel Connect’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Steel Connect’s stockholders.
If you own shares of Steel Connect’s and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato by email at [email protected] or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Melissa Fortunato, Esq.
[email protected]
www.bespc.com
