"I wouldn't say we'd never look, but I think it'd be very difficult in today's market," Dunn said. "There is not dramatic growth potential there. They're in three difficult market segments."

Indeed, off Pulse's three business divisions -- network products, power products, and wireless products -- Dunn said the wireless business is the weakest link.

When it comes to the future shape of the industry, Dunn expects some Darwinian action.

"I'm not too sure if we'll see consolidation or if we'll just see people drop out of the market," he said. "The returns are very low. I don't see anyone else coming into the business in any significant way."

Pulse has a tough row to hoe after missing out on the consolidation wave in its industry, but Dunn thought Oaktree may find a way to reap some value. "Oaktree is a very smart outfit and I admire the work they've done in the past," he said.

Oaktree declined to comment.

Current Pulse investors Royce & Associates, Schneider Capital Management, LSV Asset Management, and ICM Asset Management didn't respond to requests for comment.

-- Written by Lisa Allen in New York

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