SL Industries Spikes On Buyout Offer

Shares of

, a manufacturer of power electronics and other related equipment, surged higher by more than 11 percent on Tuesday after the company

it has received a revised non-binding proposal from

. Handy & Harman is a manufacturer of engineered niche industrial products and offered to acquire SL Industries in June for $43 to $45 per share. The company is an affiliate of Steel Partners Holdings which beneficially owns 25.1 percent of SL Industries' outstanding common stock. Handy & Harman's proposal included a per share price of $43 to $45 per share. However, the proposal contemplated that company stockholders other than Steel Partners Holdings would be able to elect to receive cash or Handy & Harman stock (with Steel electing to receive all stock), subject to proration so that the aggregate consideration consisted of 55 percent cash and 45 percent Handy & Harman stock. Under the revised proposal, Handy & Harman has proposed to acquire SL Industries for $35.50 per share in an all cash transaction. SL Industries' Board of Directors has created a special committee to evaluate the proposal.