News & Resources

Wolosky and Freedman Lead Steel to Adaptec Proxy Victory

November 9, 2009

Olshan’s client Steel Partners won its proxy fight to remove two incumbent directors, including the CEO, from the Board of Adaptec, Inc. Steel is the largest stockholder of Adaptec, a $400 million technology storage provider. The two-month proxy battle began when certain members of the Adaptec Board took actions against Steel's director representatives after this year’s nomination deadline had passed. Without the ability to take action at the upcoming Annual Meeting, Steel responded by launching a Consent Solicitation to remove two of the incumbent directors. After two months, Steel amassed the stockholder support it needed to pass its proposals and remove the directors. Some of the coverage can be read at New York Times DealBook, The Register and Associated Press.

Steve Wolosky, Ron S. Berenblat, Andrew M. Freedman, Jason W. Soncini and Aneliya S. Crawford comprise the Olshan team that represented Steel in the matter.