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STEC, Inc. Message Board

  • taexpert928 taexpert928 Mar 7, 2013 10:08 AM Flag

    WSJ article says STEC is takeover target by a large storage company

    It does not say the name of the company

    google the article

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    • Didn't happen
      Latest News
      WSJ/Dow Jones
      Press Releases

      13D Filings
      Investors report to the SEC
      UPDATE: Balch Hill Nominates Slate of New Directors to STEC Board
      Dow Jones Newswires
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      Dow Jones Newswires
      Balch Hill Nominates Slate of New Directors to STEC Board
      Dow Jones Newswires
      13D Filings
      From Samsung to Hewlett-Packard–and Everything in Between
      13D Filings
      Two Top Vendors in Storage

    • Including the date of the article would be fun to see, also. Only the 8,000 time I've heard this in the last 4 years.
      There is a reason no one has bought STEC.

    • That might work if you included the title of the article.

      • 1 Reply to cau_stec
      • The article is from 2/20/13 and it says that large shareholder pushing for selling STEC. I am sorry for not being accurate

        By Mia Lamar

        Balch Hill Partners LP nominated seven individuals to STEC Inc.'s (STEC) board, saying the data-storage maker has "lost the trust of its key constituents."

        The firm has already been agitating for change at STEC, most recently in December when it called for the company to pursue a potential sale. Balch Hill's roughly 9% stake makes it the company's largest shareholder.

        In a securities filing Tuesday, the firm said it believes "shareholder value is at risk without a reconstituted board," a sentiment it conveyed last week in a letter to the STEC board nominating the slate of new directors.

        "We are disappointed that despite the good faith efforts of our board of directors and management to engage in constructive dialogue with Balch Hill and Potomac Capital, they have chosen to discount our 2013 strategic plan to create shareholder value, and instead focus on what we believe is an unnecessary, disruptive and wasteful proxy contest to take control of STEC, all without paying a premium to shareholders," STEC's Chief Executive Mark Moshayedi said in a statement.

        He said that the company's board is offering to initially interview four of Balch Hill/Potomac nominees, and is committed to present two of them as board-member nominees at the coming annual meeting of shareholders.

        Mr. Moshayedi also said that management has taken actions over the past few months to lower costs by $8.8 million annually and continues to drive sales from direct enterprise customers, to add value for STEC's shareholders.

        Balch Hill has previously been critical of STEC's efforts to battle competition, particularly what it has called a "dramatic" increase in spending on research and development.

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