WHX completes $13.50-per-share tender offer for Bairnco

By Lisa Kerner

Charlotte, N.C., April 16 - WHX Corp. completed its cash tender offer to purchase the outstanding shares of Bairnco Corp. for $13.50 per share.

A preliminary tally showed that a total of 6,600,989, or 88.9%, of the outstanding Bairnco shares were tendered in the offer that expired on April 13, according to a company news release.

WHX said it intends to effect a merger of BZ Acquisition Corp., the acquisition subsidiary for the tender offer, with Bairnco as soon as possible.

Steel Partners II had extended the offer to acquire Bairnco to April 13 from March 16 to allow the tender of more shares as allowed under the merger agreement.

Steel Partners is a New York-based hedge fund. The fund signed an agreement to acquire Bairnco in February and announced on April 12 that it had transferred its interest in BZ Acquisition to affiliate WHX.

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.

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