DMC Global Says Board to Consider Steel Connect's Unsolicited Proposal as Part of Ongoing Review of Strategic Alternatives

MT Newswires Live06-14

DMC Global (BOOM) said Friday its board will consider Steel Connect's (STCN) recent unsolicited proposal as part of its ongoing review of strategic alternatives.

DMC Global said in the meantime, its shareholders don't need to take any action.

The company said there's no assurance the board's review of strategic alternatives and options will lead to any deal or other alternative.

According to a Schedule 13D filed by Steel Connect and related entities with the US Securities and Exchange Commission, Steel Connect delivered to DMC Global's board on May 31 a non-binding proposal to acquire all the outstanding shares that they do not already own at a price equal to $16.50 per share in cash.

In the ownership filing dated June 13, Steel Connect said it may be deemed to beneficially own a roughly 9.8% stake in DMC Global.

DMC Global shares rose 6% and Steel Connect shares fell 4% in recent Friday trading.

Price: 14.01, Change: +0.79, Percent Change: +5.98

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