Bell Industries Says Steel Partners' Offer to Acquire Company is Inadequate.EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif.--(BUSINESS WIRE)--Oct. 8, 1999-- Bell Industries Inc. (NYSE NYSE See: New York Stock Exchange :BI) said it has rejected an offer by Steel Partners II L.P. to acquire the company for $5.30 per share. In response to a letter it received from Steel Partners, the company said, "Our board of directors firmly believes that Steel Partners' offer is inadequate and not in the best interests of our shareholders and other constituencies." In a letter to Steel Partners, the board indicated it would consider a higher offer. The company noted that the stock recently has traded as high as $6 per share. Tracy Tracy, city (1990 pop. 33,558), San Joaquin co., central Calif., in the San Joaquin valley; inc. 1910. It is a railroad junction in a cattle and dairying region. A. Edwards, president and chief executive officer of Bell Industries, said, "Our board of directors, along with our largest shareholder, Steel Partners, have stated they are highly supportive supportive adjective Pertaining to a Pt management philosophy in which only the Sx of a particular condition are treated; supportive measures are often taken when no specific and/or effective therapy is available or accessible–eg, viral meningitis, or of management's strategic plan to grow the company's principal businesses as a means of enhancing shareholder value. "As we pursue this plan, it is our desire to manage and operate Bell Industries in a manner that will provide the company with the best possible opportunity to grow and service our customers. "As a service organization, Bell relies on its talented people and well-established relationships with customers and suppliers. These critical assets, along with the execution of management's strategic plan, must be considered in placing a value on Bell. While we have stated publicly that management is exploring options to maximize value, the board concluded that the current offer from Steel Partners does not achieve that goal," Edwards said. Bell Industries' primary business is its systems integration group, a multi-regional provider of integrated computer technology solutions for large and medium-sized Me´di`um-sized` a. 1. Having a medium size; as, a medium-sized man s>. Adj. 1. medium-sized - intermediate in size medium-size, moderate-size, moderate-sized organizations. Bell also distributes after-market af·ter-mar·ket n. The market for parts and accessories used in the upkeep or enhancement of a previous purchase, as of a car or computer. af accessories to the recreational vehicle market. |
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