Bairnco urges shareholders to reject bid |
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Thu, 25 Jan 2007 00:30
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LAKE MARY, Fla. (AFX) - Bairnco Corp., which makes engineered materials, on Wednesday advised shareholders to reject a $12-per-share takeover bid by hedge fund Steel Partners II LP.In a letter, Bairnco called the offer inadequate and urged stockholders to reject Steel Partners' efforts to replace the 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 year end.Bairnco shares fell 15 cents to end at $13.75 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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