DMC Global Shares Rise Premarket on Bid From Steel Connect

Dow Jones06-14

By Colin Kellaher

Shares of DMC Global rose sharply in premarket trading Friday after the provider of technical products and services said it is considering an unsolicited takeover bid from Steel Connect that values the company at about $330 million.

Steel Connect, a diversified holding company majority owned by investment firm Steel Partners, has proposed a buyout price of $16.50 a share for DMC, a nearly 25% premium to Thursday's closing price of $13.22 for the Broomfield, Colo., company.

DMC shares were recently up 12% to $14.81 in premarket trading.

Steel Connect disclosed the bid in a Securities and Exchange Commission filing in which it also reported a 9.8% stake in DMC.

DMC, which previously announced a review of strategic alternatives, said its board will consider the Steel Connect proposal as part of its ongoing deliberations.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 14, 2024 09:27 ET (13:27 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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