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UPDATE 1-Hardinge asks shareholders to reject Romi's new offer
May 19, 2010 / 12:19 PM / in 7 years

UPDATE 1-Hardinge asks shareholders to reject Romi's new offer

2 Min Read

* Says $10/shr offer still inadequate, opportunistic

* Says will benefit from rebound in end-markets

May 19 (Reuters) - Hardinge Inc (HDNG.O), a maker of precision metal-cutting tools, said its board recommended shareholders to reject the sweetened $10 per share offer by Brazilian rival Industrias Romi SA (ROMI3.SA) saying it was "still highly inadequate and opportunistic."

Hardinge's Chief Executive Richard Simons maintained that the industrial sector and the machine tool industry were showing signs of recovery, and that the company would benefit from a rebound in these sectors.

On Feb. 4, Romi had made a tender offer of $8.00 a share, but Hardinge's board of directors recommended that its shareholders reject the offer. [ID:nSGE6340EN]

Last week, Romi raised its offer by 25 percent to $10 per share. [ID:nSGE6490Q5]

Romi's sweetened offer is at an 82 percent premium to Hardinge's close on Feb. 3.

Shares of Hardinge closed at $9.59 Tuesday on Nasdaq. (Reporting by Divya Sharma in Bangalore; Editing by Don Sebastian)

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