SL Industries Gets Preliminary Acquisition Proposal From Handy & Harman

(RTTNews) - SL Industries, Inc. (SLI) announced that it has received a non-binding proposal from Handy & Harman Ltd. (HNH) to acquire all outstanding shares of common stock of the Company for a per share price of $43.00 to $45.00.

Handy & Harman is an affiliate of Steel Partners Holdings L.P., which beneficially owns 25.3% of the Company's outstanding common stock.

The proposal contemplates that Company stockholders other than Steel Partners Holdings would be able to elect to receive cash or Handy & Harman stock (with Steel electing to receive all stock), subject to proration so that the aggregate consideration consists of 55% cash and 45% Handy & Harman stock.

The Board of Directors has established a Special Committee of the Board comprising independent directors, which has been authorized, among other things, to evaluate the proposal. The Special Committee will review and consider the proposal carefully in due course, consistent with its fiduciary duties to act in the best interest of stockholders.

The Company cautioned its stockholders and others considering trading in its securities that the foregoing proposal was just received and that no decisions have been made by the Special Committee with respect to a response. There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.

SLI closed Thursday's regular trading at $40.51, up $3.00 or 8.00%. In after-hours, the share further gained $1.19 or 2.94%.

HNH closed Thursday's regular trading at $34.16, up $0.48 or 1.43%.