Steel Partners Rescinds Proposal to Acquire Noritz Corporation

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Tue Mar 24, 2009 2:39am EDT 

TOKYO--(Business Wire)--
Steel Partners Japan Strategic Fund (Offshore), L.P. ("Steel Partners")
announced today that it has sent a letter to Noritz Corporation (5943.JP)
("Noritz" or the "Company") rescinding its earlier proposal to acquire all
outstanding shares of the Company. 

On September 11, 2008, Steel Partners submitted a proposal to acquire all of the
outstanding shares of the Company for ¥1,025 per share, which represented a
premium of approximately 7.6% to the market price of ¥953 per share as of
September 9, 2008. 

Steel Partners said it was withdrawing the proposal because Noritz`s share price
has consistently traded above the offer price since the proposal was made. 

Steel Partners is Noritz`s largest shareholder, holding 9,500,000 shares, or
approximately 18.7% of the outstanding capital stock of the Company. 

About SPJSF

Steel Partners Japan Strategic Fund (Offshore), L.P. is a long-term
relationship/active value investor that seeks to work with the management of its
portfolio companies to increase corporate value for all stakeholders and
shareholders. 





Japan Media Contact:
PRAP JAPAN
Ian Messer, Masako Matsuoka 813-3486-2931
financial@prap.co.jp
or
US Media Contact:
Steel Partners
Jason Booth, 310-941-3616
Jason@steelpartners.com

Copyright Business Wire 2009
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