Monday, March 12, 2007

Lichtenstein's Steel Partners II Builds 10.7% Stake in Adaptec (ADPT)

In a 13D filing after the close Friday on Adaptec Inc. (Nasdaq: ADPT), Warren Lichtenstein's Steel Partners II disclosed a 10.7% stake (12.72 million share) in the company.

In a pretty standard disclosure, the firm said it has no current plans or proposals which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.

The firm said the aggregate purchase price of the 12,717,587 Shares owned by Steel Partners II is $46,833,650, including brokerage commissions (about $3.68/share).

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