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Stock Market & Financial Investment News

News Breaks
July 24, 2013
11:27 EDTEMLEastern Company reports Q2 EPS 35c vs. 42c a year ago
Reports Q2 revenue $39.2M vs. $41.6M in year ago quarter.
News For EML From The Last 14 Days
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January 16, 2015
16:58 EDTEMLMinerva Advisors reports 6.0% stake in Eastern Company, urges strategic review
Subsequent to the acquisition of these shares, Minerva has become aware of a reluctance on the part of Eastern Company (EML) to engage in constructive conversations with potential business partners relating to strategic alternatives open to the company. The compmany's dismissive response to the recent 8-K filed by Synalloy (SYNL) is the latest example of such reluctance. Given the company’s lack of meaningful growth and lack of any clear management succession plan, Minerva believes it is time to engage in an energetic review of strategic alternatives including hiring an investment banking firm to consider the sale of the issuer or substantial changes to the company's capital structure. Minerva and their representatives may engage in discussions with members of management and the board of directors of the company, other current or prospective shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other third parties regarding a variety of matters relating to the company, which may include, among other things, the company’s business, management, capital structure and allocation, corporate governance, Board composition and strategic alternatives and direction, and may take other steps seeking to bring about changes to increase shareholder value as well as pursue other plans or proposals
January 14, 2015
16:12 EDTEMLEastern Company board says Synalloy proposal not in best interests of holders
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15:07 EDTEMLEastern Company says Synalloy proposal not in best interests of company
The Eastern Company (EML) recently received a letter from Synalloy Corporation (SYNL) expressing the interest of Synalloy in the possible acquisition of the company for $6.69 per share in cash and approximately $12.43 in shares of Synalloy common stock. "The board of directors of Eastern has carefully reviewed and unanimously determined that the proposal is not in the best interests of the company and its shareholders," Eastern disclosed. The board of directors further determined that it would be more beneficial to its shareholders to continue to execute the company’s current business strategy rather than pursue the transaction as proposed by Synalloy, Eastern added.
15:06 EDTEMLEastern Company says Synalloy proposal not in best interests of company
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