Bell (AMEX:BI)
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Bell Industries, Inc. (AMEX:BI) said today that it
received an unsolicited proposal from Zeff Capital Partners, LLC to
acquire 100% of the company's outstanding common stock for a price of
$2.55 per share in cash. In accordance with its fiduciary duties, the
Board of Directors considered the proposal and concluded that the
proposal was inadequate from a financial point of view and not in the
best interests of the company or its shareholders.
Bell Industries also announced that it has previously engaged
investment bankers to advise its Board of Directors regarding
strategic alternatives for the company in order to maximize
shareholder value.
About Bell Industries, Inc.
Bell's primary business, the Tech.logix Group, offers a
comprehensive portfolio of technology products and managed lifecycle
services, including planning, product sourcing, deployment and
disposal, and support services. Support services include help desk
support, desk side support, technical maintenance services, and
reverse logistics and depot services. Bell also distributes
after-market parts and accessories to the recreational vehicle market
and manufactures and sells standard and custom magnetic components
used in electronic applications for computer, medical, lighting and
telecommunication equipment.
Forward-Looking Statements
Statements in this press release may be "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on current
expectations, estimates and projections about the company's business
based, in part, on assumptions made by management. These statements
are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may, and probably will, differ
materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors, including those
described above and those risks discussed from time to time in the
company's filings with the Securities and Exchange Commission,
including Factors That May Affect Future Results of Operations
included in the Form 10-K for the year ended December 31, 2004 and
Management's Discussion and Analysis of Financial Condition and
Results of Operations in the Form 10-K for the year ended December 31,
2004 and the Form 10-Q for the quarter ended June 30, 2005. In
addition, general industry and market conditions and growth rates, and
general economic conditions could affect such statements. Any
forward-looking statements speak only as of the date on which they are
made, and the company does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after the
date of this release.