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Harbinger Capital begins tender offer for Oglebay Norton
By Lisa Kerner
Charlotte, N.C., Aug. 7 - Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP began a $31 cash per share, plus one contingent right per share, tender offer for all of the outstanding shares of Oglebay Norton Co. common stock.
The tender offer ends at midnight ET on Sept. 6, unless extended.
Harbinger Capital Partners owns 2,621,201 Oglebay Norton shares, or about 18.1% of the company. As previously reported, the offer is conditioned on Harbinger Capital Partners receiving at least an additional 32.9% of the outstanding shares for a total of roughly 51% of the outstanding shares.
"Oglebay Norton shareholders now have the ability to realize an immediate premium cash value for their investment - quickly and with certainty - as an alternative to the current board of directors' announced plan to pursue strategic alternatives," according to a Harbinger Capital Partners statement.
If the offer is completed, Harbinger Capital said it plans to support the election of Oglebay directors whose interests are aligned with those of the company's shareholders.
The information agent for the offer is Innisfree M&A.
Oglebay Norton had announced it would seek strategic alternatives to maximize shareholder value, including a possible sale or merger of the company, with the assistance of JPMorgan.
Harbinger Capital is a New York investment firm managing more than $12 billion in capital.
Oglebay Norton is a Cleveland-based provider of minerals and aggregates to markets including building materials, environmental remediation, energy and industrial applications.
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