Steel Partners II may add WHX to tender offer for Bairnco

By Lisa Kerner

Charlotte, N.C., March 30 - Steel Partners II, LP may transfer its entire interest in the acquisition subsidiary BZ Acquisition Corp. to WHX Corp., an affiliate of Steel Partners II, for a nominal consideration.

Steel Partners II began a cash tender offer to purchase all of the outstanding shares of Bairnco Corp. for $13.50 per share in December.

The merger agreement with Bairnco allows for the transfer to WXH, according to a company news release. Any transfer is conditioned upon WHX obtaining required financing before the offer expires on April 13.

The merger is expected to close in the first half of 2007.

Steel Partners is a New York-based hedge fund.

Located in Lake Mary, Fla., Bairnco manufactures high-technology materials for the printed circuit board industry and replacement bank saw products for the food service industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.