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Thursday, Feb 2, 2023
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Bell Industries Rejects Buyout Offer

Bell Industries Inc. on Thursday said it rejected an unsolicited takeover bid from Zeff Capital Partners LLC to buy the El Segundo-based provider of computer support services.


Zeff Capital’s cash offer of $2.55 per share represented a nearly 18 percent premium to Bell’s shares on Aug. 24, the day before Zeff Capital made its offer in a letter, according to a securities filing by Zeff. The offer values Bell at about $21.6 million based on about 8.5 million shares outstanding. Zeff said it began buying Bell’s stock in February 2004 and has accumulated an 8.7 percent stake.


In it statement, Bell Industries’ board said it considered the offer from the San Francisco hedge fund but concluded it was “inadequate” and not in the best interests of the company or its shareholders.


Bell Industries also said it has hired investment bankers to advise its board on the company’s strategic options to maximize shareholder value.


The company’s shares settled up 3.7 percent to $2.53 on Thursday.

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