Artesyn Technologies Inc. (Boca Raton, FL), a leader in power conversion solutions for the communications industry, announced that its board of directors (BOD) has determined to reject Bel Fuse Inc.'s 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 BOD 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.
