Steel Partners urges Adaptec stockholders to follow recommendation of proxy advisory firms;
New York-based activist hedge fund and stockholder Steel Partners II LP, engaged in a proxy battle with digital data storage company Adaptec Inc., said Monday that it has urged Adaptec stockholders to follow the recommendation of proxy advisory firms RiskMetrics Group and Proxy Governance Inc. to consent to the removal of CEO ``Sundi'' Sundaresh and Legacy Director Robert Loarie.
Adaptec Inc, a beaten-down technology company fending off hedge fund Steel Partners, accused the fund of wanting to break up the company and use its cash balances to acquire a bank.