Summary
NEW YORK (HedgeWorld.com) - The activist hedge fund Steel Partners II LP issued buyout offers this week to Bairnco Corp, and Stratos International Inc., which were met with mixed reactions.
Late Thursday [June 15] Steel Partners extended a bid to purchase Bairnco Corp. for $12 per share, an offer that values the company, which manufactures engineered materials and electronic components, at approximately $89 million. Steel Partners, which currently controls 15.5% of Bairnco's equity, will begin a tender offer by the end of next week and the fund's principals expressed their desire to meet with Bairnco's board of directors as soon as possible.See the full content of this document
Extract
Steel Partners Presses Buyouts
"We have determined, after evaluating all our options, that commencing a tender offer would be in the best interest of all the shareholders," said Warren Lichte...
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