Activist Clients Steel Partners and Handy & Harman Announce Investment and Settlement Agreements with ModusLink
Olshan represented Steel Partners Holdings L.P. and Handy & Harman Ltd. in negotiating investment and settlement agreements with ModusLink Global Solutions, Inc. (NASDAQ: MLNK) in advance of ModusLink’s upcoming annual meeting of stockholders. Pursuant to the agreements, Steel Partners Holdings L.P. has agreed to purchase 7.5 million newly-issued shares of ModusLink’s common stock, plus warrants to purchase 2.0 million shares of common stock, for a total investment of $30 million, and ModusLink has agreed to nominate and solicit proxies solely for Handy & Harman representatives Warren G. Lichtenstein and Glen M. Kassan for election as directors at ModusLink’s annual meeting. Three different stockholder groups (including Handy & Harman) had submitted director nominations and filed preliminary proxy materials in connection with the annual meeting. Yahoo Finance, BusinessWire and other media reported on this matter. Olshan attorneys representing Steel Partners Holdings L.P. and Handy & Harman include Steve Wolosky, Michael R. Neidell and Jason Soncini.