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Adaptec says Steel Partners would gut company

Reuters – Adaptec Inc, target of a proxy war led by Warren Lichtenstein’s Steel Partners, said on Tuesday the activist hedge fund wants to gut the data storage technology company, shed assets and create an acquisition vehicle fueled by Adaptec’s stash of cash.

More than three weeks after Lichtenstein began soliciting shareholder votes to remove Adaptec’s chief executive and shrink the board to seven seats from nine, Adaptec’s board responded by questioning Steel’s motives and calling attention to Lichtenstein’s own setbacks of the past year.

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