DMC Global Shares Rise as Steel Connect Reiterates Buyout Bid

Dow Jones09-17

By Colin Kellaher

Shares of DMC Global rose more than 20% Tuesday after shareholder Steel Connect reiterated its proposal to buy the rest of the provider of technical products and services.

Steel Connect, a diversified holding company majority owned by investment firm Steel Partners, in June disclosed a 9.8% stake in DMC and said it had proposed a buyout price of $16.50 a share, a nearly 25% premium to the Broomfield, Colo., company's trading price of $13.22 at the time.

DMC in June said it was considering the proposal, which valued the company at about $330 million, but Steel Connect on Tuesday said no real progress has occurred, and it noted that DMC's share price had fallen by more than 17% since the proposal was made public.

DMC's bid now represents a premium of 51% to Monday's closing price of $10.91. The stock was recently changing hands at $13.40, up 23%.

DMC representatives weren't immediately available for comment.

Steel Connect said it is ready to engage in good faith around its proposal, adding that it also would consider a deal to buy DMC's DynaEnergetics and NobelClad businesses for a total of $185 million, consisting of its DMC shareholdings and cash.

DMC in January said it was considering a sale of the DynaEnergetics and NobelClad businesses, which account for more than half of the company's sales.

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

(END) Dow Jones Newswires

September 17, 2024 11:04 ET (15:04 GMT)

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

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