Steel Partners makes offer for Babcock & Wilcox
Published by Jonathan Rowland,
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/
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