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Stock Market & Financial Investment News

News Breaks
February 11, 2013
09:33 EDTHNH, SPLP, MLNKSteel Partners acquires 7.5M ModusLink shares at $4.00
ModusLink (MLNK) announced that it has entered into an investment agreement with Steel Partners Holdings L.P. (SPLP), which together with certain affiliates, including Handy & Harman (HNH), beneficially owns 14.9% of ModusLink’s outstanding shares. Under the terms of the agreement, Steel Holdings would purchase 7.5M newly issued shares of common stock at a price of $4.00 per share, representing a cash investment in the company, before fees and expenses, of $30M. The $4.00 purchase price per share represents a 45% premium to the closing market price for ModusLink common stock on Friday, February 8. In addition, at the closing of the transaction the company would issue Steel Holdings warrants to acquire 2.0M shares at an exercise price of $5.00 per share. In addition, the Steel Group may purchase up to approximately 1.4M shares of ModusLink’s outstanding common stock, subject to proportionate adjustment. If all stock is purchased and all warrants are exercised as permitted under the agreement, the Steel Group would own approximately 32.6% of ModusLink’s outstanding shares.
News For MLNK;SPLP;HNH From The Last 14 Days
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December 19, 2014
08:02 EDTHNHHandy & Harman Announces Sale of Arlon to Rogers for $157M
Handy & Harman (HNH) announced that it has entered into a definitive agreement with Rogers Corporation (ROG) under which Rogers will purchase HNH’s subsidiary Arlon for a total transaction value of $157M. The companies expect to close the transaction, subject to the necessary regulatory approvals and other customary closing conditions, in the first half of 2015.
07:32 EDTHNHRogers Corp agrees to acquire Arlon from Handy & Harman for $157M
Rogers Corporation (ROG) announced it has signed a definitive agreement to acquire Arlon, currently owned by Handy & Harman (HNH), for $157M, subject to closing and post-closing adjustments. The transaction, which is subject to regulatory clearances, is expected to close in the first half of 2015. Rogers intends to finance the transaction through a combination of cash and borrowings under an existing bank credit facility. Revenue and operating income for the Arlon segment of Handy & Harman were $100.4M and $16.7M, respectively, for the trailing twelve months ended September 30. Rogers expects the transaction to be accretive to its earnings in the first twelve months following the acquisition, excluding purchase accounting charges.
December 10, 2014
18:07 EDTMLNKModusLink reports Q1 EPS 0c vs. 1c a year ago
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