SPLP - Steel Partners to buy Steel Connect for $1.35/share plus contingent value right

Steel Partners Holdings (NYSE:SPLP) said on Monday in agreed to acquire all remaining common shares of Steel Connect Inc. (NASDAQ:STCN) Under the deal terms, holders of Steel Connect (STCN) common shares will receive $1.35/share in cash and one contingent value right to receive their pro rata share of net proceeds, to the extent such net proceeds exceed $80M plus certain related costs and expenses, if the company's ModusLink subsidiary is sold during the two years following completion of the merger. Steel Partners (SPLP) recently reported Q1 GAAP earnings of $0.20/share on revenues of $405M.

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Steel Partners to buy Steel Connect for $1.35/share plus contingent value right