February 5, 2010 / 9:45 PM / 7 years ago

UPDATE 1-Hardinge to evaluate Romi's buyout offer

1 Min Read

* Hardinge engages Jefferies & Co as financial adviser

* Shares rise as much as 15 pct after market

Feb 5 (Reuters) - Hardinge Inc (HDNG.O) said it will evaluate the $90 million unsolicited buyout offer from Brazilian machine tool maker Industrias Romi SA (ROMI3.SA).

Hardinge, which makes precision metal-cutting tools, said it has engaged Jefferies & Co as its financial adviser, and Wachtell, Lipton, Rosen & Katz as its legal adviser, to assist in evaluating and responding to Romi's proposal.

On Thursday, Romi said it submitted an $8-a-share all-cash offer to Hardinge after the latter refused to engage in talks for about two months. [ID:SGE6130JO]

Shares of Hardinge rose as much as 15 percent to $9.31 after the bell. They closed at $8.07 Friday on Nasdaq. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Anne Pallivathuckal)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below