Steel Partners raises Bairnco offer |
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Published
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Fri, 02 Feb 2007 15:36
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NEW YORK (AFX) - Hedge fund Steel Partners II LP said Friday that it raised its acquisition offer for engineered materials maker Bairnco Corp. to $13.35 per share in cash.Steel Partners noted the new bid represents a 34 percent premium over Bairnco's closing stock price of $9.96 on the New York Stock Exchange on June 15, the day the company initially said it wanted to buy Bairnco.Steel Partners previously offered $12 per share.In January, Bairnco advised its stockholders to reject Steel Partners' tender offer, saying in a letter that the bid was inadequate. It also urged shareholders to reject Steel Partners' attempt to replace its board. The hedge fund in December nominated five directors to Bairnco's board to push the takeover.Steel Partners, through its BZ Acquisition Corp., first launched its tender offer in June and has extended its expiration date numerous times. The fund and its subsidiaries held about 43.1 percent of Bairnco's outstanding shares at the end of 2006.Steel Partners' new offer expires on Feb. 23 unless extended.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Bairnco urges shareholders to reject bid 