SL Industries, Inc. (NYSE MKT: SLI) said that Handy & Harman Ltd. (NASDAQ: HNH) has delivered a revised non-binding proposal to acquire all outstanding shares of common stock of the company.
Under the terms of the revised proposal, Handy & Harman has proposed to pay USD35.50 per share in an all cash transaction.
Handy & Harman is an affiliate of Steel Partners Holdings L.P., which owns 25.1 percent of the company´s outstanding common stock.
Handy & Harman´s initial proposal included a per share price of USD43.00 to USD45.00.
The Special Committee of the company´s board of directors, which was authorized to evaluate the initial Handy & Harman proposal, will review and consider the revised proposal carefully in due course, consistent with its fiduciary duties to act in the best interest of stockholders.
SL Industries, Inc., designs, manufactures and markets power electronics, motion control, power protection, and power quality electromagnetic equipment that is used in a variety of medical, commercial and military aerospace, solar, computer, datacom, industrial, LED lighting and audio visual systems, and telecom applications.
The Special Committee´s independent financial adviser is Houlihan Lokey Capital, Inc. and its legal counsel is Gardere Wynne Sewell LLP.