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News Breaks
August 19, 2014
08:56 EDTHNHHandy & Harman announces increase in tender offer price
Handy & Harman announced that it has amended its previously announced tender offer to increase the price at which it will purchase shares of its common stock, par value 1c per share to a purchase price of $26.00 per share. The maximum aggregate size of the tender offer remains unchanged at $60M in value of Common Stock. However, the maximum number of shares the Company could purchase if the tender offer is fully subscribed has decreased to 2,307,692 shares from 2,500,000 shares. The tender offer remains scheduled to expire at 5:00 P.M., Eastern Time, on September 5, 2014, or such later date to which the Company may extend the tender offer.
News For HNH From The Last 14 Days
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June 18, 2015
16:13 EDTHNHSL Industries announces receipt of preliminary non-binding acquisition proposal
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09:05 EDTHNHSteel Partners, Handy & Harman offer to buy SL Industries for $43-$45 per share
In a regulatory filing, it was disclosed that Handy & Harman (HNH), an affiliate of Steel Partners Holdings (SPLP), formally proposes to acquire all the outstanding shares of common stock of SL Industries (SL) through an appropriate acquisition entity for a price of $43 to $45 per share, subject to limited confirmatory due diligence. The proposal contemplates that SLI stockholders other than Steel would be able to elect to receive cash or stock of H&H, with Steel electing to receive all stock, subject to proration so that the aggregate consideration consists of 55% cash and 45% H&H stock. "Based on Steel’s status as a significant stockholder of the Company for over 20 years with representatives on its Board and a well-founded appreciation of its business and operations, we firmly believe the Transaction is in the best interests of SLI’s stockholders...We propose that the Transaction be accomplished through a negotiated merger agreement with a customary fiduciary out but without a “go shop” given the Company’s knowledge of the market and the fact that the Transaction provides for SLI’s stockholders to have a continuing interest in the combined company rather than constituting an outright sale...Our proposal is not subject to obtaining financing. We are prepared to enter into an appropriate confidentiality agreement and commence discussions immediately, with the goal of executing a merger agreement by no later than July 1, 2015. We are committed to allocating the requisite resources and are confident that we have the ability to consummate the Transaction expeditiously and with a high degree of certainty," Handy & Harman Chairman Warren Lichtenstein wrote in his letter to SL Industries' board. Shares of SL Industries are up 14.5% to $42.97 in pre-market trading following the disclosure of the offer.
09:00 EDTHNHSteel Partners offers to buy SL Industries for $43-$45 per share
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