Austria“s Radex-Heraklith (RHI) said it held 80.7% of Global Industrial Technologies“ (GIT) common stock and was extending its friendly takeover offer to 3 December.
The expiration date of the US$-…
Austria“s Radex-Heraklith (RHI) said it held 80.7% of Global Industrial Technologies“ (GIT) common stock and was extending its friendly takeover offer to 3 December. The expiration date of the US$-13-per-share cash tender offer was extended from 22 November in order to provide the Federal Trade Commission time to complete its review and approval of divestitures by RHI of certain refractory manufacturing assets, RHI said. As of 19 November, RHI holds 20,021,060 shares of GIT“s common stock, equivalent to around 80.7% of outstanding shares. The US$ 300 million offer was announced in July and is worth over US$ 500 million including GIT“s debt.