Steel Partners II Announces Potential Addition of WHX Corporation to Tender Offer for Bairnco Corporation (BZ)
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Steel Partners II, L.P., which has commenced a cash tender offer to purchase all of the outstanding shares of Bairnco Corporation (NYSE: BZ) for $13.50 per share, announced today that, as permitted by its merger agreement with Bairnco, Steel Partners II may transfer its entire interest in the acquisition subsidiary for the tender offer, BZ Acquisition Corp.
The consummation of this transfer of BZ Acquisition from Steel Partners II to WHX is conditioned upon WHX obtaining, prior to the expiration of the offer, any required financing to consummate the offer, which financing may be provided by Steel Partners II, and final approval by the WHX board of directors.
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