Pulse proxy fight more like proxy fizzle
Shareholders of the Trevose-based electronic components company voted in the incumbent directors, repelling outsiders put forth by rival Bel Fuse Inc.
Pulse Electronics Corp. said preliminary results show that the incumbent slate of directors were elected by shareholders at the annual meeting in San Diego Wednesday.
That means Jersey City-based Bel Fuse Inc. lost in its bid to convince shareholders to vote for its two nominees, part of its unsolicited bid to acquire the Trevose-based electronic components maker.
Here's what Ralph Faison, Pulse chairman and Chief Executive Officer, had to say:
We greatly appreciate our shareholders' overwhelming support and the confidence they have placed in us. Our board and management team are committed to acting in shareholders' best interests, and we look forward to continuing to work diligently and urgently to execute our strategic plan to enhance shareholder value at Pulse.