Diceon Opens Shareholders List to Potential Purchaser

Diceon Electronics Inc. said Monday that it has agreed to turn over its shareholder list to the San Diego firm that is trying to acquire the Irvine computer circuit board maker for $27.2 million.

Calvary Partners Ltd., a San Diego buyout firm, had sued Diceon in Delaware Chancery Court on Nov. 27, seeking a court order to force release of the shareholder list.

Peter Jonas, Diceon’s vice chairman, declined to comment on why the firm agreed to provide the list to Calvary.

Jonas said the company’s directors met Monday to consider a response to Calvary’s $5.25-a-share cash tender offer for Diceon’s 5.1-million common shares outstanding. He said the board will meet again today to reconsider the offer.

Last week, Diceon filed its own lawsuit in the Delaware court, alleging that Calvary’s attempt to change Diceon’s bylaws would be a violation of Delaware law. Jonas said that suit is still pending.

Calvary said it proposed the bylaw changes so it could nominate its own slate of directors in a proxy contest for control of Diceon’s board at its annual meeting on Jan. 16.

Diceon lost $10.2 million on revenue of $125.5 million for its fiscal year ended Sept. 30. The company, facing tough competition in the circuit board industry, laid off 225 of its 1,500 employees as part of a restructuring in September.