Handy & Harman, a White Plains-based manufacturer of industrial products, announced that it revised its $60 million tender offer to repurchase more than 2 million shares of its common stock at $26 per share.
The maximum aggregate size of the tender offer remains unchanged at $60 million in value of common stock. However, the maximum number of shares the company could purchase if the tender offer is fully subscribed has decreased to 2,307,692 shares from 2,500,000 shares. The tender offer was originally made Aug. 7.
The company’s common stock closed on the Nasdaq Capital Market at $24.78 per share on Aug. 18, the last full trading day prior to the company’s announcement of its intention to increase the purchase price for the shares of common stock in the tender offer. The shares closed at $22.56 per share at the close on Aug. 6, immediately prior to the announcement of the company’s intention to commence the tender offer.
Handy & Harman’s directors, executive officers and affiliates have advised the company they do not intend to tender any of their shares of common stock in the tender offer, according to a company press release. DGT Holdings Corp., which is 82.7 percent owned by Steel Partners Holdings L.P., which itself owns 56.1 percent of the company, intends to tender its 97,550 shares of the Handy & Harman’s common stock. No other affiliates of the company or Steel Partners Holdings intend to tender any of their shares of Handy & Harman in the tender offer, according to the press release.
