Steel Partners II Extends Bairnco Tender Offer to Wednesday, August 9, 2006
July 21 2006 - 9:00AM
PR Newswire (US)
NEW YORK, July 21 /PRNewswire/ -- Steel Partners II, L.P.
("Steel"), which has commenced a cash tender offer to purchase all
of the outstanding shares of Bairnco Corporation (NYSE:BZ)
("Bairnco") for $12.00 per share, announced today that it has
extended its $12.00 per share cash tender offer for all of the
common stock of Bairnco not already owned by it or its subsidiaries
to 5:00 P.M., New York City time, on Wednesday, August 9, 2006. The
tender offer was previously set to expire at 12:00 Midnight, New
York City time, on Thursday, July 20, 2006. As of the close of
business on July 20, 2006, a total of 2,047,644 shares had been
tendered in and not withdrawn from the offer, which together with
the shares owned by Steel and its subsidiaries (including BZ
Acquisition Corp.), represents approximately 44% of the total
shares outstanding of Bairnco. Important Information Regarding the
Tender Offer BZ Acquisition Corp., a wholly-owned subsidiary of
Steel, has commenced a tender offer to purchase all of the
outstanding shares of common stock (and associated preferred stock
purchase rights) of Bairnco at $12.00 per share, net to the seller
in cash, without interest. The offer is currently scheduled to
expire at 5:00 P.M., New York City time, on Wednesday, August 9,
2006, unless the offer is extended. MacKenzie Partners, Inc. is the
Information Agent for the tender offer and any questions or
requests for the Offer to Purchase and related materials with
respect to the tender offer may be directed to MacKenzie Partners,
Inc. THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS
NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY
SHARES. THE SOLICITATION AND THE OFFER TO BUY BAIRNCO'S COMMON
STOCK IS ONLY BEING MADE PURSUANT TO AN OFFER TO PURCHASE AND
RELATED MATERIALS THAT STEEL HAS FILED (AND WILL FILE) WITH THE
SECURITIES AND EXCHANGE COMMISSION. STOCKHOLDERS SHOULD READ THESE
MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION,
INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS MAY
OBTAIN THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO
THE TENDER OFFER FREE AT THE SEC'S WEBSITE AT WWW.SEC.GOV OR FROM
STEEL BY CONTACTING MACKENZIE PARTNERS, INC. TOLL-FREE AT (800)
322-2885 OR COLLECT AT (212) 929-5500 OR VIA EMAIL AT . Any
forward-looking statements contained in this release are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
inherently subject to a variety of risks and uncertainties that
could cause actual results to differ materially from those
projected. These risks and uncertainties include, among others: the
willingness of Bairnco stockholders to tender their shares in the
tender offer and the number and timing of shares tendered; the
receipt of third party consents to the extent required for the
acquisition; and satisfaction of the various closing conditions.
Other important factors that could cause actual results to differ
materially are included but are not limited to those listed in
Bairnco's periodic reports and registration statements filed with
the Securities and Exchange Commission. Steel undertakes no
obligation to update information contained in this release.
DATASOURCE: Steel Partners II, L.P. CONTACT: Jason Booth of Sitrick
And Company, 1-310-788-2850, for Steel Partners II, L.P.
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