Synalloy Announces Rejection of Unsolicited Offer from Privet Fund Management LLC
April 26 2019 - 11:00AM
Synalloy Corporation (Nasdaq: SYNL) announced today that its Board
of Directors, after deliberation and careful consultation with its
independent financial and legal advisors, unanimously rejected an
unsolicited offer by Privet Fund Management LLC (“Privet”) for a
proposed transaction whereby Privet would purchase all of the
issued and outstanding shares of Synalloy not already owned by
Privet. “The Synalloy Board determined that Privet’s
unsolicited offer heavily discounts the Company’s recent
performance and near-term potential,” said Craig C. Bram,
Synalloy’s President and Chief Executive Officer. “Our
management team’s number one priority is building stockholder
value, and we believe that our current growth strategy will
continue to generate positive results for all of our stockholders,”
said Bram.
In the interests of transparency to its stockholders, Synalloy
will provide copies of its correspondence to date with Privet
regarding this unsolicited offer in a Current Report on Form 8-K to
be filed with the Securities and Exchange Commission.
Synalloy Corporation (Nasdaq: SYNL) is a growth oriented company
that engages in a number of diverse business activities including
the production of stainless steel pipe and tube, galvanized pipe
and tube, fiberglass and steel storage tanks, specialty chemicals
and the master distribution of seamless carbon pipe and
tubing. For more information about Synalloy Corporation,
please visit our website at www.synalloy.com.
This press release includes and incorporates by reference
"forward-looking statements" within the meaning of the federal
securities laws. All statements that are not historical facts are
"forward-looking statements." The words "estimate," "project,"
"intend," "expect," "believe," "should," "anticipate," "hope,"
"optimistic," "plan," "outlook," "should," "could," "may" and
similar expressions identify forward-looking statements. The
forward-looking statements are subject to certain risks and
uncertainties, including without limitation those identified below,
which could cause actual results to differ materially from
historical results or those anticipated. Readers are cautioned not
to place undue reliance on these forward-looking statements. The
following factors could cause actual results to differ materially
from historical results or those anticipated: adverse economic
conditions; the impact of competitive products and pricing; product
demand and acceptance risks; raw material and other increased
costs; raw materials availability; employee relations; ability to
maintain workforce by hiring trained employees; labor efficiencies;
customer delays or difficulties in the production of products; new
fracking regulations; a prolonged decrease in oil and nickel
prices; unforeseen delays in completing the integrations of
acquisitions; risks associated with mergers, acquisitions,
dispositions and other expansion activities; financial stability of
our customers; environmental issues; unavailability of debt
financing on acceptable terms and exposure to increased market
interest rate risk; inability to comply with covenants and ratios
required by our debt financing arrangements; ability to weather an
economic downturn; loss of consumer or investor confidence and
other risks detailed from time-to-time in the
Company's Securities and Exchange Commission filings. The
Company assumes no obligation to update the information included in
this release.
Contact: Dennis Loughran at (804) 822-3266
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