MANHASSET, N.Y. Like a suitor undeterred by rejection, components supplier Bel Fuse Inc. announced Thursday it has sent a letter to the board of directors of power supplier Artesyn Technologies Inc. expressing disappointment with Artesyn's current stock price and again urging the companies to consider merging their operations.
Bel Fuse (Jersey City, N.J.) owns 2,037,500 shares of the common stock of Artesyn (Boca Raton, Fla.). Based on Artesyn's outstanding shares as of March 31, 2005, Bel's shares represent 5 percent of Artesyn's outstanding common stock.
Bel's letter expresses disappointment with the recent performance of Artesyn's stock price, which closed at $6.57 on NASDAQ on May 11, 2005.
The letter to Artesyn's Board also describes Bel's frustration over Artesyn's continuing refusal to even meet with Bel to consider the possibilities of a merger between the companies.
Last August, Bel Fuse offered to swap one share of Artesyn common stock for 0.265 of a share of Bel Fuse Class B non-voting common stock. Artesyn rejected
the offer, calling the bid inadequate.
its buyout offer of Artesyn last September, with Bel's chief executive Dan Bernstein stating that the combination of the two companies would create a broad supplier of electromechanical and power products to serve the communications markets, which both companies play heavily in.
In Bel's latest letter to Artesyn, Bernstein said "I cannot understand Artesyn's refusal to even commence a dialogue with us. I fail to see how Artesyn's management and Artesyn's board can be discharging their duties to the shareholders of Artesyn when they refuse even to pick up the telephone and speak on a substantive basis with us. We have made many requests to establish a framework in which both parties can listen to each other. To date, such requests have gone unanswered."