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The Eastern Company Rejects $19.23 Per Share Bid From Synalloy

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The Eastern Company (NASDAQ: EML) rejected a $19.23 per share cash and stock bid Wednesday from Synalloy Corporation (NASDAQ: SYNL).

Eastern said it will be "more beneficial to shareholders to continue to execute the company's current business strategy."

Eastern closed Wednesday down more than 5 percent at $17.08.

The bid included a $6.69 per share in cash and $12.43 in shares of Synalloy common stock.

Eastern, with a market capitalization of $110 million, makes industrial hardware, security products and metal products from four U.S. operations and six foreign units.

Synalloy has a market cap of $153.5 million and makes specialty chemicals and piping systems.

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