Monday, information technology solutions provider Agilysys, Inc. (AGYS) said a special shareholder meeting would be held on January 5 regarding private investment fund MAK Group's bid to raise its stake in the company.
Solon, Ohio-based Agilysys said MAK Group has filed a preliminary proxy statement with the Securities and Exchange Commission to increase its stake in the Company to 20% or more but less than 33 1/3% under Ohio law.
MAK Capital Fund LP and Paloma International L.P., the parent of Sunrise Partners Limited Partnership, and other related entities are collectively referred as MAK Group, currently owns 19.18% of the issued and outstanding shares of Agilysys common stock. Andrew Cueva, managing director of MAK Capital, has served on the Agilysys Board of Directors since June 2008.
The MAK Group intends to obtain proxies in connection with the special shareholder meeting of the Agilysys to be held on January 5, 2010 at the company's principal executive offices at Ohio to authorize the MAK Group to acquire additional shares of Agilysys to increase its stake in the company.
Shareholders of record on November 24, 2009 will be entitled to vote at the meeting.
Michael Kaufman, the managing member of MAK Capital, said, "We are seeking to increase our investment in Agilysys because we believe in the long-term prospects of the Company. Although one of MAK Capital's employees, Andrew Cueva, currently sits on the Board, we are not seeking to control the Company."
"We have a constructive relationship with the Board and management and are committed to working to enhance the Company's strategic position, operating performance and market value," Kaufman added. Under Ohio law, Agilysys is required to conduct a special meeting to allow shareholders to approve or disapprove MAK Capital's ownership in Agilysys above the 20% threshold.
Monday, AGYS closed at $8.76, up $0.31 or 3.67% on a volume of 0.17 million shares on Nasdaq. In after hours, the stock is currently trading at $8.68, down $0.09 or 0.97%.
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