Artesyn Technologies Board of Directors Rejects Bel Fuse's
Unsolicited and Inadequate Proposal
BOCA RATON, Fla., Sept. 21 /PRNewswire-FirstCall/ -- Artesyn Technologies,
Inc. (NASDAQ:ATSN) announced today that its Board of Directors has determined
to reject Bel Fuse Inc.'s (NASDAQ:BELFANASDAQ:BELFB) unsolicited proposal set
forth in its letter dated August 31, 2004 to acquire each share of Artesyn
common stock for 0.265 of a share of Bel Fuse Class B non-voting common stock
in a stock for stock merger.
After careful consideration of Bel Fuse's proposal, including consultation with
independent financial and legal advisors, Artesyn's Board of Directors has
determined that Bel Fuse's proposal is not in the best interests of Artesyn,
its shareholders and other constituencies, and that the financial terms
suggested by the proposal are inadequate.
Lehman Brothers Inc. is serving as financial advisor to Artesyn, and
Kirkpatrick & Lockhart LLP and Skadden, Arps, Slate, Meagher & Flom LLP are
serving as legal counsel.
About Artesyn Technologies, Inc.
Artesyn Technologies, Inc., headquartered in Boca Raton, FL, is a world leader
in the design, manufacture and sale of power conversion and single- board
computing solutions for infrastructure applications in telecommunications and
data-communications systems. The products are used in middle to high-end
servers, data storage devices, routers, hubs, high-speed modems, RF
amplification systems, base station controllers and transceivers. It has a
global sales reach with design and manufacturing facilities in Asia, Europe and
North America. Artesyn is a public company whose common stock is traded on the
Nasdaq stock market under the symbol ATSN. For more information, please visit
Artesyn's web site at http://www.artesyn.com/ . DATASOURCE: Artesyn Technologies, Inc.
CONTACT: Richard Thompson, Chief Financial Officer, +1-561-451-1000, , or Pamela Rembaum, Director, Investor Relations, +1-561-451-1028, , both of Artesyn Technologies, Inc.; or Judy Wilkinson or Sharon Goldstein of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, for Artesyn Web site: http://www.artesyn.com/
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