B&W Confirms Receipt of Steel Partners Non-Binding Indication of Interest
May 24 2018 - 9:14AM
Business Wire
Babcock & Wilcox Enterprises, Inc. (“B&W”) (NYSE: BW)
confirmed that it had received a non-binding indication of interest
from Steel Partners, which beneficially owns 17.8% of B&W’s
outstanding common stock, to acquire B&W in a transaction in
which B&W shareholders would receive between $3.00 and $3.50
per share in cash. The non-binding indication of interest assumes
the acquisition of all of B&W’s businesses, including its
MEGTEC and Universal businesses. B&W announced last year that
it was exploring strategic options for those businesses.
B&W said that its Board of Directors will review the Steel
Partners non-binding indication of interest to determine the course
of action it believes to be in the best interests of B&W and
its stockholders.
There can be no assurance that the non-binding indication of
interest will result in a transaction or on what basis or terms any
transaction may occur. B&W does not intend to comment further
with respect to the non-binding indication of interest unless and
until further developments warrant.
About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a
global leader in energy and environmental technologies and services
for the power and industrial markets, and has been transforming our
world for 150 years. Follow us on Twitter @BabcockWilcox and learn
more at www.babcock.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180524005726/en/
Babcock & WilcoxInvestor Contact:Chase Jacobson,
704-625-4944Vice President, Investor
Relationsinvestors@babcock.comorMedia Contact:Ryan Cornell,
330-860-1345Public Relationsrscornell@babcock.com
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