Oglebay Norton: special committee to level playing field for all including Harbinger

By Lisa Kerner

Charlotte, N.C., Aug. 13 - Oglebay Norton Co., said its special committee decided not to take a position at this time on the unsolicited tender offer from Trident Acquisition Co., LLC, a jointly owned subsidiary of Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP.

However, the committee will continue to review and evaluate the proposed offer as it continues its "robust" strategic alternatives process.

The investor group offered to acquire Oglebay's outstanding common stock for $31.00 per share.

"A number of parties have already expressed interest in the company," president and chief executive officer Michael Lundin explained in a company news release.

"The special committee intends to maintain a level playing field for all parties, including Harbinger."

Oglebay announced on July 24 it would explore strategic alternatives, including a possible sale or merger of the company. JPMorgan and Jones Day are advising the Cleveland-based minerals and aggregates provider.

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