US-based WebFinancial has completed through a merger transaction its conversion into a publicly traded limited partnership.
Additionally, WebFinancial LP, the successor to WebFinancial Corporation, has completed an exchange agreement under which Steel Partners II Master Fund will transfer to WebFinancial LP its entire limited partnership interest in Steel Partners II.
As a result of the exchange, Steel Partners Master II Fund will own approximately 99% of the limited partnership interests in WebFinancial LP.
As a result of the merger, each share of WebFinancial Corporation common stock outstanding immediately prior to the merger has been converted into and became one unit of limited partnership interest in WebFinancial LP.
WebFinancial LP will become a diversified holding company with interests in a variety of businesses, including industrial products, energy, aerospace and defense, banking, insurance and food and beverage. The company will be managed by Steel Partners and intends to seek a listing on a national stock exchange.
The exchange transaction is subject to confirmation by Steel Partners II Master Fund on or before June 30, 2009. If there is no confirmation then WebFinancial LP will return the limited partnership interests in Steel Partners II to Steel Partners II Master Fund and Steel Partners II Master Fund will return the limited partnership interests of WebFinancial LP and Steel Partners II will again be a limited partner of WebFinancial LP and Steel Partners II will be a wholly owned subsidiary of Steel Partners II Master Fund.
