PHILADELPHIA, USA: Pulse Electronics Corpn., a leading provider of electronic components, has received a letter from Bel Fuse Inc. indicating its intent to nominate three candidates for election to the Company's Board of Directors at the company's 2011 Annual Meeting of Shareholders.
The company sought to acquire Bel Fuse, a competitor, in 2007, and the current nominations followed a recent communication from Bel Fuse expressing its interest in "restarting discussions about a potential business combination" and identifying a "friendly transaction" as the "preferred path forward." The company had responded to Bel Fuse's expressed interest by indicating its willingness to meet to learn Bel Fuse's views.
The company indicated that its Governance Committee will consider whether the Bel Fuse notice of nomination complies with applicable requirements of the Company’s governing documents and the Securities and Exchange Commission’s.
The Governance Committee intends to recommend to the Board for election at the 2011 Annual Meeting of Shareholders candidates whom the Committee believes will best serve the interests of all of the company's shareholders.
The company does not intend to comment further on these matters at this time.