Steel Partners makes offer for Babcock & Wilcox
Published by Jonathan Rowland,
Editor
World Cement,
Babcock & Wilcox Enterprises Inc. (B&W) has received a non-binding indication of interest from Steel Partners for the acquisition of B&W, including its MEGTEC business, which supplies environmental control equipment to the cement and other industries.
B&W MEGTEC’s product range includes fabric filters, wet and dry electrostatic precipitators (ESPs), selective catalytic and selective non-catalytic reduction (SCR/SNCR) systems.
Under Steel Partners expression of interest, B&W shareholders would receive between US$3.00 – US$3.50 per share in cash. Steel Partners already owns 17.8% of B&W’s outstanding common stock.
B&W’s board of directors will “review the Steel Partners non-binding indication of interest to determine the course of action it believes to be in the best interests of B&W and its stockholders,” the company said in a statement.
“There can be no assurance that the non-binding indication of interest will result in a transaction or on what basis a transaction may occur.”
According to its website, Steel Partners is a diversified holding company with operations in industrial products, energy, defence, supply chain management and logistics, banking, and youth sports. It reported a year-on-year increase in revenues to US$366.2 million from US$323.3 million.
Read the article online at: https://www.worldcement.com/product-news/06062018/steel-partners-makes-offer-for-babcock-wilcox/
You might also like
The World Cement Podcast - What's next for US Cement?
In this episode of the World Cement Podcast, we are joined by Mike Ireland, President and CEO of the ACA or American Cement Association. Listen in as Mike and David dive into a range of topics, including the ACA’s recent rebranding efforts, decarbonisation, policy and legislation, and the impact of AI on cement demand.
Tune in to the World Cement Podcast on your favourite podcast app today.