Austrian industrial fireproof materials maker Radex-Heraklith (RHI) said it was extending its friendly takeover offer for Global Industrial Technologies Inc. (GIT) to December 17.
The expiry date of …
Austrian industrial fireproof materials maker Radex-Heraklith (RHI) said it was extending its friendly takeover offer for Global Industrial Technologies Inc. (GIT) to December 17. The expiry date of the US$ 13 per share cash tender offer was extended from Friday to provide the Federal Trade Commission (FTC) time to complete its review and approval of divestitures by RHI of certain refractory manufacturing assets, RHI said in a statement. RHI has repeatedly extended the US$ 300 million offer for the US special materials maker after it was made in July. The offer is worth over US$ 500 million including GIT“s debt. “The expiration date will be further extended if necessary to provide the FTC adequate time to complete such review and approval,” RHI said. RHI holds 19,851.104 shares of GIT“s common stock, equivalent to around 80% of outstanding shares.