NEW YORK, Feb. 8, 2012 /PRNewswire/ -- Steel Partners
Holdings L.P. (Pink Sheets: SPNHU) ("SPH") announced today that it
sent a letter to API Group plc (LSE: API.L) expressing its belief
that the market price of API Group does not reflect its intrinsic
value and that this value will only be realized through a sale of
the company. SPH is the largest stockholder of API
Group.
The full text of the letter follows:
Dear Andrew:
It has been a pleasure speaking with you over the last few
months regarding API Group plc ("API" or the "Company"). You
and your management team have done a wonderful job returning API to
solid profitability and growth.
As you know we had some very preliminary discussions about the
Company and Steel Partners Holdings L.P. ("SPH") and I wanted to
state clearly that it is not our current intention to continue
those discussions.
We continue to believe that the market price of API does not
reflect its intrinsic value and that this value will only be
realized through a sale of the Company. We feel there is no
time like the present to commence an auction that will lead to a
sale of the Company to the highest bidder. We therefore
suggest that the board of directors direct the investment bank
engaged by API to conduct a sale process.
We look forward to your prompt reply.
Respectfully,
/s/ Warren Lichtenstein
About Steel Partners Holdings L.P.
Steel Partners Holdings L.P. is a global diversified holding
company that owns and operates businesses and has significant
interests in leading companies in various industries, including
diversified industrial products, energy, defense, banking,
insurance, food products and services, oilfield services, sports,
training, education, and the entertainment and lifestyle
industries.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors
created thereby. Investors are cautioned that all forward-looking
statements involve risks and uncertainty, including without
limitation, general economic conditions. Although Steel Partners
Holdings believes that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could be inaccurate, and therefore, there cannot be assurance that
any forward-looking statements included in this press release will
prove to be accurate. In light of the significant uncertainties
inherent in any forward-looking statements included herein, the
inclusion of such information should not be regarded as a
representation by Steel Partners Holdings or any other person that
the objectives and plans of Steel Partners Holdings will be
achieved.
Contact:
Steel Partners Holdings GP Inc.
Jack L. Howard, President
(212) 520-2300
SOURCE Steel Partners Holdings L.P.