Exhibit (a)(5)(xi) PRESS RELEASE FOR IMMEDIATE RELEASE: BAIRNCO CORPORATION SETS JANUARY 30, 2007 AS RECORD DATE FOR STEEL PARTNERS II'S CONSENT SOLICITATION NEW YORK, NY - JANUARY 23, 2007 -- Steel Partners II, L.P. ("Steel Partners II") announced today that it received notification that the Board of Directors of Bairnco Corporation (NYSE:BZ; "Bairnco") has set January 30, 2007 as the record date for determining stockholders entitled to provide written consents in connection with Steel Partners II's consent solicitation. On January 12, 2007, Steel Partners II filed a definitive Consent Solicitation Statement with the Securities and Exchange Commission in connection with the solicitation of written consents from Bairnco's stockholders to, among other things, remove each current member of Bairnco's Board of Directors and replace them with five highly qualified individuals nominated by Steel Partners II. Steel Partners II is seeking the support of Bairnco's stockholders to replace the existing Board because Steel Partners II believes that Bairnco's current directors are not acting, and will not act, in the best interest of stockholders with respect to Steel Partners II's tender offer for Bairnco. On June 22, 2006, BZ Acquisition Corp., a wholly-owned subsidiary of Steel Partners II, commenced a tender offer to purchase all the issued and outstanding shares of Bairnco common stock for $12.00 net per share in cash. The Bairnco Board rejected Steel Partners II's offer despite the fact that the offer represents a premium of 21% over the last reported sales price per share on June 15, 2006, the day Steel Partners II informed Bairnco of its proposal to acquire all outstanding shares. If Steel Partners II's nominees are elected, they will, subject to their fiduciary duties, remove the obstacles to the consummation of the offer, including redeeming Bairnco's "poison pill" rights plan and opting out of Section 203 of the Delaware General Corporation Law. Steel Partners II urges stockholders to carefully consider the information contained in the Consent Solicitation Statement and then support Steel Partners II's efforts by signing, dating and returning the GOLD consent card. If you have any questions or require a copy of Steel Partners II's Consent Solicitation Statement, please contact MacKenzie Partners, Inc. toll-free at (800) 322-2885, (212) 929-5500 (call collect) or via email at Bairnco@mackenziepartners.com. IMPORTANT INFORMATION REGARDING THE TENDER OFFER BZ Acquisition Corp., a wholly-owned subsidiary of Steel Partners II, has commenced a tender offer to purchase all of the outstanding shares of common stock (and associated preferred stock purchase rights) of Bairnco at $12.00 per share, net to the seller in cash, without interest. The offer is currently scheduled to expire at 5:00 P.M., New York City time, on Monday, January 29, 2007, unless the offer is extended. MacKenzie Partners, Inc. is the Information Agent for the tender offer and any questions or requests for the Offer to Purchase and related materials with respect to the tender offer may be directed to MacKenzie Partners, Inc. THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY BAIRNCO'S COMMON STOCK IS ONLY BEING MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT STEEL PARTNERS II HAS FILED (AND WILL FILE) WITH THE SECURITIES AND EXCHANGE COMMISSION. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THETERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS MAY OBTAIN THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO THE TENDER OFFER FREE AT THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV OR FROM STEEL PARTNERS II BY CONTACTING MACKENZIE PARTNERS, INC. TOLL-FREE AT (800) 322-2885 OR COLLECT AT (212) 929-5500 OR VIA EMAIL AT BAIRNCO@MACKENZIEPARTNERS.COM. IMPORTANT INFORMATION REGARDING THE CONSENT SOLICITATION Steel Partners II, together with the other Participants (as defined below), has filed a definitive consent solicitation statement (the "Consent Solicitation Statement") with the Securities and Exchange Commission (the "SEC") relating to the solicitation of written consents from Bairnco stockholders. STEEL PARTNERS II STRONGLY ADVISES ALL STOCKHOLDERS OF BAIRNCO TO READ THE CONSENT SOLICITATION STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. SUCH CONSENT SOLICITATION STATEMENT IS AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THE SOLICITATION WILL PROVIDE COPIES OF THE CONSENT SOLICITATION STATEMENT WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' CONSENT SOLICITOR, MACKENZIE PARTNERS, INC., TOLL-FREE AT (800) 322-2885 OR COLLECT AT (212) 929-5500 OR VIA EMAIL AT BAIRNCO@MACKENZIEPARTNERS.COM. THE PARTICIPANTS IN THE CONSENT SOLICITATION ARE STEEL PARTNERS II, STEEL PARTNERS, L.L.C., BZ ACQUISITION CORP., WARREN G. LICHTENSTEIN, HUGH F. CULVERHOUSE, JOHN J. QUICKE, ANTHONY BERGAMO AND HOWARD M. LEITNER (COLLECTIVELY, THE "PARTICIPANTS"). STOCKHOLDERS OF BAIRNCO MAY OBTAIN INFORMATION REGARDING THE PARTICIPANTS' DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, IN BAIRNCO BY REFERRING TO THE CONSENT SOLICITATION STATEMENT. Any forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, among others: the willingness of Bairnco stockholders to tender their shares in the tender offer and the number and timing of shares tendered; the receipt of third party consents to the extent required for the acquisition; and satisfaction of the various closing conditions. Other important factors that could cause actual results to differ materially are included but are not limited to those listed in Bairnco's periodic reports and registration statements filed with the Securities and Exchange Commission. Steel Partners II undertakes no obligation to update information contained in this release. For additional information: Media Jason Booth and Terry Fahn Sitrick And Company, Inc. (310) 788-2850 Investors and Analysts Daniel Sullivan and Bob Sandhu Mackenzie Partners, Inc. (212) 929-5500
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SC TO-T/A Filing
Bairnco Inactive SC TO-T/AThird party tender offer statement (amended)
Filed: 24 Jan 07, 12:00am