Bel Fuse Sends Letter to Board of Directors of Power-One
April 29 2009 - 7:30AM
Business Wire
Bel Fuse Inc. (NASDAQ:BELFA) (NASDAQ:BELFB) announced
today that it has sent a letter to the Board of Directors of
Power-One, Inc. (NASDAQ:PWER) questioning the advisability of
acquiring more debt pursuant to its recently announced agreement
with Silver Lake Sumeru, which potentially dilutes current
shareholders by more than 75%. Bel Fuse also expressed its alarm
over Power-One's continued refusal to consider strategic
alternatives, including the divestiture of one or more of its
business units, even though Power-One's stock continues to perform
abysmally.
"The Silver Lake transaction illustrates Power-One's insistence
on sticking with what we believe has proven and continues to be a
losing strategy: the incurrence of expensive debt and the refusal
by the Company to divest of one or more of its business units in
order to reduce debt. Moreover, the Silver Lake transaction will
result in substantial dilution to the Company and will, in our
view, adversely impact the Company's stock price, to the detriment
of all of its stockholders," said Daniel Bernstein, Bel's CEO and
President.
About Bel
Bel (www.belfuse.com) and
its subsidiaries are primarily engaged in the design, manufacture
and sale of products used in networking, telecommunications, high
speed data transmission and consumer electronics. Products include
magnetics (discrete components, power transformers and MagJack�s),
modules (DC-DC converters, integrated analog front end modules and
custom designs), circuit protection (miniature, micro and surface
mount fuses) and interconnect devices (passive jacks, plugs and
cable assemblies). Bel operates facilities around the world.
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