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Handy and Harman Ltd (HNH): Steel Partners Reduces Stake To Over 66%; Unloads 97,550 Shares

Steel Partners, led by Warren Lichtenstein, has reduced its exposure to Handy and Harman Ltd (NASDAQ:HNH). According to a new filing with the U.S. Securities and Exchange Commission, Steel Partners sold 97,550 common stock shares of Handy and Harman Ltd (NASDAQ:HNH) at a price of $26 per shares. Following the sale, the fund owns 7.13 million shares of the company, equal to 66.1% of common stock. Previously, the fund held 7.23 million shares of Handy and Harman Ltd (NASDAQ:HNH).

Handy and Harman

Handy and Harman Ltd (NASDAQ:HNH) is engaged in manufacturing of engineered niche industrial products, and has a market cap of $323.3 million. Last week, the company reported the final results of its tender offer to purchase for cash up to $60 million in value of its common stock, par value $0.01 per share, at a price of $26.00 per share. The offer was expired on September 5, 2014.

About 2.10 million shares were properly tendered and were accepted for purchase by the company at $26.00 per share for a total cost of approximately $54.6 million, according to Computershare Trust Company, N.A., the depositary for the tender. Following consummation of the tender offer, Handy and Harman Ltd (NASDAQ:HNH) will have 10,784,560 common shares outstanding, according to a press release.

On Monday, shares of Handy and Harman Ltd (NASDAQ:HNH) traded down by 2.48%, hitting $24.77. The stock has a 52 week high of $28.18 and a 52 week low of $17.20.

Other largest shareholders of Handy and Harman Ltd (NASDAQ:HNH) include GAMCO Investors, led by Mario Gabelli, and Wynnefield Capital, managed by Nelson Obus. GAMCO disclosed ownership of 491,560 shares, and Wynnefield Capital reported holding 376,290 shares of the company. Another investor, Renaissance Technologies, run by Jim Simons, holds 65,800 shares of Handy and Harman Ltd (NASDAQ:HNH).

Warren G. Lichtenstein manages the $4 billion hedge Steel Partners, which he co-founded in 1990. The fund focuses on long-term and active value investments, and works with the management of its portfolio companies to develop corporate value for both shareholders and stakeholders. At the end of the second quarter of 2014, the value of the fund’s equity portfolio amounted to $511.3 million.

In July, Steel Partners revealed that it slightly reducing its position in the micro-cap cloud software company Selectica Inc (NASDAQ:SLTC). The fund reported owning 333,900 shares of the company.

Disclosure: none

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