Bel Comments on April 23, 2007 Letter from Technitrol
April 24, 2007
JERSEY CITY, New Jersey, April 24, 2007 . . . Bel Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB) commented today on the letter it received yesterday from Technitrol, Inc. (NYSE:TNL) increasing its offer to acquire Bel to $43.00 per share in cash, subject to certain conditions. Bel's Board of Directors believes that Technitrol's proposal, like its first proposal, significantly undervalues Bel's stock. Bel's Board expressed confidence in management's plans, including Bel's acquisition strategy. While Bel confirmed that it is engaged in the bidding stage with respect to one potential acquisition, Bel declined to provide further details, citing its confidentiality obligations.
About Bel
Bel (www.belfuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, high speed data transmission and consumer electronics. Products include magnetics (discrete components, power transformers and MagJack®s), modules (DC-DC converters, integrated analog front end modules, custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (passive jacks, plugs and cable assemblies). The Company operates facilities around the world.
Forward-Looking Statements
Except for historical information contained in this news release, the matters discussed are forward looking statements that involve risks and uncertainties. The factors that could cause actual results to differ materially from such statements are detailed from time to time in the Company's SEC reports. No assurance can be given that any acquisition currently being considered by the Company will ultimately be pursued and/or consummated by the Company. In light of the risks and uncertainties, there can be no assurance that any forward‑looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward‑looking statements.
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#4332
Bel Fuse Inc.
206 Van Vorst Street
Jersey City, NJ 07302
tel 201.432.0463
fax 201.432.9542
Investor Contact:
Neil Berkman Associates
(310) 277-5162
Company Contact:
Daniel Bernstein
President