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Steel Partners Holdings L.P. Announces Preliminary Results of Its Dutch Auction Tender Offer

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Steel Partners Holdings L.P. (NYSE: SPLP) ("SPLP" or the "Company"), a global diversified holding company, today announced the preliminary results of its previously announced modified Dutch Auction tender offer to purchase for cash up to $49 million in value of its common units, no par value, at a price per unit of not less than $16.50 nor greater than $17.50 per unit. The tender offer expired at 5:00 P.M., Eastern Time, on April 23, 2014.

Based on the preliminary count by American Stock Transfer & Trust Company, the Depositary for the tender offer, approximately 4,273,328 common units were properly tendered and not withdrawn at or below the final purchase price of $16.50 per unit, including approximately 119,294 common units that were tendered through notice of guaranteed delivery. Since the tender offer is oversubscribed, the Company intends to purchase a pro-rated amount of common units, after taking into account priority given to holders of less than 100 units, as provided in the Offer to Purchase dated March 25, 2014, using a proration factor to be determined by the Company in consultation with the Depositary. Based on the preliminary count, the Company expects to purchase 2,969,696 common units at the final purchase price of $16.50, for an expected total cost of approximately $49 million, excluding fees and expenses related to the tender offer.

The number of common units to be purchased, the purchase price and the proration information are preliminary and are subject to verification by the Depositary and to the proper delivery of all units tendered and not properly withdrawn (including units tendered pursuant to guaranteed delivery procedures). The actual number of common units validly tendered and not withdrawn and the proration factor will be announced promptly following completion of the verification process. Promptly after such announcement, the Depositary will issue payment for the units validly tendered and accepted under the tender offer and will return all other common units tendered and not purchased.

Investor questions concerning the tender offer may be directed to the information agent, MacKenzie Partners, Inc., at 800-322-2885 or tenderoffer@mackenziepartners.com.

Steel Partners Holdings L.P. is a global diversified holding company that engages in multiple businesses through consolidated subsidiaries, associated companies and other interests. It owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking, food products and services, oilfield services, sports, training, education, and the entertainment and lifestyle industries.

 

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