By Lisa Kerner
Charlotte, N.C., Dec. 29 - Steel Partners II, LP, through its wholly owned subsidiary BZ Acquisition Corp., extended its cash tender offer to purchase all outstanding shares of Bairnco Corp. for $12 per share to 5 p.m. ET Jan. 29 from Dec. 29, according to a news release.
As of Dec. 28, about 2 million shares had been tendered in the offer.
Steel Partners said it plans to replace the current members of Bairnco's board of directors with its own five nominees once the deal is complete.
"We believe that the current directors of Bairnco are not acting, and will not act, in stockholders' best interests with respect to our tender offer," Steel Partners managing member Warren Lichtenstein said in the release.
Lichtenstein said the Bairnco board of directors has refused to take the steps necessary to allow stockholders to receive the cash tender offer price for their shares.
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 as well as replacement bank saw products for the food service industry.
| Acquirer: | Steel Partners II, LP
|
| Target: | Bairnco Corp.
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| Payment per share: | $12.00
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| Announcement date: | Dec. 29
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| Expected closing: | Jan. 29
|
| Stock price for target: | NYSE: BZ $12.13 on Dec. 28
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