The Eastern Company Rejects $19.23 Per Share Bid From Synalloy

The Eastern Company EML rejected a $19.23 per share cash and stock bid Wednesday from Synalloy Corporation 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.

Posted In: News
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...