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Synalloy Rejects Privet Fund Management's Takeover Offer

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Synalloy Rejects Privet Fund Management's Takeover Offer

Synalloy Corporation (NASDAQ: SYNL) announced Friday that its board has unanimously rejected an unsolicited takeover offer by Privet Fund Management.

What Happened

The proposed transaction would have resulted in Privet buying all outstanding shares of Synalloy that it does not already own, according to the chemical and metals manufacturer

Why It's Important

"The Synalloy board determined that Privet's unsolicited offer heavily discounts the company's recent performance and near-term potential," Craig Bram, Synalloy's president and CEO, said in a statement.

"Our management team's No. 1 priority is building stockholder value, and we believe that our current growth strategy will continue to generate positive results for all of our stockholders." 

What's Next

Synalloy said it will provide copies of its correspondence with Privet in an 8-K filing with the Securities and Exchange Commission. 

The stock was up 0.5 percent at $17.08 shortly before the close Friday. 

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