Steel Partners may add WHX to offer |
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Published
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Fri, 30 Mar 2007 23:25
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NEW YORK (AP) - Hedge fund Steel Partners II LP, which has issued a cash tender offer to buy all of the outstanding shares of engineered materials maker Bairnco Corp., said Friday it may transfer its interest in the tender offer's acquisition subsidiary to its affiliate WHX Corp.The transfer of BZ Acquisition Corp. from Steel Partners to WHX is conditioned upon WHX obtaining the financing needed to consummate the offer and final approval by WHX's board, Steel Partners said.The transfer of BZ Acquisition from Steel Partners to WHX will not change any of the tender offer's conditions or add a financing condition to the offer.If WHX obtains financing and receives final board approval, Steel Partners II will complete the transfer of BZ Acquisition to WHX, and BZ Acquisition will consummate the offer as a wholly owned subsidiary of WHX.If WHX does not obtain financing or receive board approval, BZ Acquisition will remain a subsidiary of Steel Partners and the offer will be consummated by Steel Partners and BZ Acquisition.BZ Acquisition Corp. has offered to buy all of the outstanding shares of Bairnco common stock at a cost of $13.50 per share. The offer expires on April 13.Bairnco shares rose 2 cents to close at $13.45 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Steel Partners raises Bairnco offer 