By Lisa Kerner
Charlotte, N.C., Feb. 23 - Steel Partners II, LP signed a definitive agreement for its affiliate BZ Acquisition Corp. to acquire Bairnco Corp. in a tender offer for $13.50 per share in cash and a first-quarter dividend of $0.10 per share, according to a company news release.
In addition, Steel Partners II will withdraw its bid to remove and replace the current members of Bairnco's board of directors.
Steel Partners said the tender offer was extended to March 16 from Feb. 23.
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.
| Acquirer: | Steel Partners II, LP
|
| Target: | Bairnco Corp.
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| Payment per share: | $13.50
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| Announcement date: | Feb. 23
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| Expected closing: | First half of 2007
|
| Stock price for target: | NYSE: BZ; $13.83 on Feb. 22
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