Qualstar comments on BKF Capital's termination of partial tender offer

theflyonthewall.com

Qualstar commented on the announcement by BKF Capital Group that it was abruptly terminating its unsolicited partial tender offer to purchase up to 3M shares of Qualstar's common stock, or approximately 24.5% of Qualstar's outstanding shares, for $1.65 per share in cash. Had the tender offer been completed, BKF Capital and Mr. Bronson would have collectively owned approximately 43.2% of Qualstar's outstanding shares. BKF Capital stated that "one of the purposes of its unsolicited partial tender offer was to obtain a "controlling influence" over Qualstar (...) without paying shareholders an appropriate control premium." BKF Capital and Mr. Bronson have notified Qualstar that they will pursue another proxy contest to replace the entire Qualstar Board with their nominees at this year's annual shareholder meeting. Qualstar intends to communicate further with its shareholders with respect to the choices that will be before them at this year's annual shareholders meeting.

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