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May 21, 2008 at 11:12 AM
Investment firm Steel Partners II L.P. wants to increase its holdings in Conseco Inc. and to have a bigger say in the company’s operations.
The firm says one goal is to push Conseco, Carmel, Ind., to sell off a closed block of long term care insurance business.
In a filing with the U.S. Securities and Exchange Commission, Steel Partners, New York, says it has formally asked Conseco’s board to support its bid for increased ownership.
Steel Partner says it wants to increase its current 9.8% stake in Conseco to as much as 22%.
In a letter to the board, the investment firm says it wants to acquire the additional shares through a “Dutch auction.”
Managers of a Dutch auction start with a relatively high requested price and then drop the price step by step until a would-be buyer submits a bid.
“We continue to believe that the [Conseco] shares are undervalued at the current price levels and are interested in purchasing additional shares,” Steel Partners says.
