From the Wires
North & Webster Withdraws Proxy Contest in Light of CSP Inc.'s Recent Statements it Will "Prudently Consider" and "Turn To" North & Webster's Recent $7.00 Acquisition Offer Following Conclusion of 2013 Annual Meeting
By: PR Newswire
Feb. 12, 2013 06:30 AM
NEW YORK, Feb. 12, 2013 /PRNewswire/ -- North & Webster, LLC ("North & Webster") announced today that it has withdrawn its proxy contest with CSP Inc. (NasdaqGM: CSPI) ("CSP" or the "Company") in light of the Company's recent statements in both a recent release and earnings conference call that following the 2013 Annual Meeting the Company will "prudently consider" and "turn to" North & Webster's $7 per share offer to acquire the Company. North & Webster's primary purpose for conducting this proxy contest was in furtherance of urging the Board to immediately commence meaningful discussions with North & Webster or announce a sale process, and in light of these recent statements believes it is no longer necessary to run a contested slate of directors. North & Webster remains as determined as ever to negotiate and consummate a value-maximizing transaction and looks forward to engaging in discussions with the Board around its $7 acquisition proposal upon the conclusion of the 2013 Annual Meeting.
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SOURCE North & Webster, LLC
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