Harbinger Capital Partners extends tender offer for Oglebay Norton

By Lisa Kerner

Charlotte, N.C., Sept. 7 - Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP said Oglebay Norton Co. shareholders tendered 5,672,558 shares in Harbinger's $31-per-share offer for the company that ended Sept. 6.

However, Harbinger extended the tender offer to 5 p.m. ET on Sept. 14 to allow time for Oglebay to remove certain obstacles to the deal's completion.

While Harbinger was "gratified to have won overwhelming support" for the offer, it called upon Oglebay's board to rescind its poison pill and remove the maritime condition as well as other obstacles so the offer may be consummated as soon as possible.

The tendered shares combined with Harbinger's shares total about 75% of the shares outstanding not owned by Ingalls & Snyder LLC, the investment firm controlled by company chairman Thomas O. Boucher Jr. The combination of the tendered shares and Harbinger's own shares represents more than 55% of the total outstanding shares, according to a company news release.

Harbinger 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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