Friday, July 06, 2007

Lichtenstein's Steel Partners II Discloses 5.5% Stake in Rowan Co (RDC)

In a 13D filing on Rowan Companies Inc. (NYSE: RDC) after the close, Warren Lichtenstein's Steel Partners II disclosed a 5.5% stake (6,121,827 shares) in the company. The firm did not show a stake in Rowan at the quarter ended March 31, 2007.

The 5.5% stake makes Steel Partners II the largest shareholder of Rowan. First Pacific is second at 5%.

In a boilerplate disclosure, the firm said it does not have any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D

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