DMC Global: Steel Connect Refuses Non-Disclosure Agreement

Dow Jones09-19

By Colin Kellaher

DMC Global on Thursday said it has repeatedly offered Steel Connect an opportunity to participate in its review of strategic alternatives, but that its suitor has rejected requests to ink non-disclosure and standstill agreements aimed at protecting the integrity of the process.

DMC said Steel Connect has also demanded the details of all offers and indications of interest provided by the other participants in the process, which the Broomfield, Colo., provider of technical products and services said is unacceptable.

Steel Connect, a diversified holding company majority owned by investment firm Steel Partners that owns a 9.8% stake in DMC, earlier this week reiterated its bid to buy the rest of the company for $16.50 a share and said there had been " no real progress" since it made its proposal at the end of May.

The proposal, which values DMC at about $330 million, represents a nearly 25% premium to DMC's trading price of $13.22 when it was disclosed. DMC shares ended Wednesday's session at $12.72 after rallying Tuesday following Steel Connect's reiteration of its bid.

DMC said it has no timetable for completing its review, and that it could give no assurance that the process will result in any transaction.

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

(END) Dow Jones Newswires

September 19, 2024 09:22 ET (13:22 GMT)

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

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