WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Handy & Harman Ltd. (NASDAQ:HNH) a diversified global industrial company, announced today that it has successfully completed its tender offer, through a wholly owned subsidiary, to purchase all of the outstanding shares of SL Industries, Inc. (NYSE MKT:SLI) (“SLI”), a leading manufacturer of high-performance power solutions, for $40.00 per share in cash.
The tender offer expired at 5:00 p.m., New York City time, on May 31, 2016. As of the expiration, 3,358,701 shares had been validly tendered and not validly withdrawn, representing approximately 84.6% of SLI’s outstanding shares of common stock and approximately 79.3% of SLI’s outstanding shares of common stock not owned by HNH or any of its affiliates. The conditions to the tender offer were satisfied, and HNH has accepted for payment and will promptly pay the depositary for all validly tendered shares.
HNH expects to complete the acquisition of SLI later today through a merger without a vote or meeting of SLI’s stockholders, pursuant to Section 251(h) of the General Corporation Law of the State of Delaware. Each of the remaining shares of SLI common stock not purchased in the tender offer will be converted into the right to receive the same $40.00 in cash that will be paid in the tender offer. Upon completion of the merger, SLI will become an indirect wholly owned subsidiary of HNH. SLI’s common stock will no longer be listed on the NYSE MKT.
About Handy & Harman Ltd.
Handy & Harman Ltd. is a diversified manufacturer of engineered niche industrial products with leading market positions in many of the markets it serves. Through its wholly-owned operating subsidiaries, HNH focuses on high margin products and innovative technology and serves customers across a wide range of end markets. HNH’s diverse product offerings are marketed throughout the United States and internationally.
HNH’s companies are organized into five businesses: Joining Materials, Tubing, Building Materials, Performance Materials, and Kasco.
HNH sells its products and services through direct sales forces, distributors, and manufacturer's representatives. HNH serves a diverse customer base, including the construction, electrical, electronics, transportation, utility, medical, oil and gas exploration, aerospace and defense, and food industries.
HNH’s business strategy is to enhance the growth and profitability of the HNH business units and to build upon their strengths through internal growth, the Steel Business System, and strategic acquisitions. Management expects HNH to continue to focus on high margin products and innovative technology. Management has evaluated and will continue to evaluate, from time to time, potential strategic and opportunistic acquisition opportunities, as well as the potential sale of certain businesses and assets.
HNH is based in White Plains, N.Y., and its common stock is listed on the NASDAQ Capital Market under the symbol HNH. Website: www.handyharman.com
About SL Industries
SL Industries, Inc. designs, manufactures and markets power electronics, motion control, power protection, power quality electromagnetic equipment, and custom gears and gearboxes that are used in a variety of medical, commercial and military aerospace, computer, datacom, industrial, architectural and entertainment lighting, and telecom applications. For more information about SL Industries, Inc. and its products, please visit its web site at www.slindustries.com.
