Harbinger demands that Oglebay remove poison pill, urges shareholders to contact board

By Lisa Kerner

Charlotte, N.C., Sept. 11 - Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP demanded that Oglebay Norton Co.'s board of directors remove "impediments" to its offer to acquire Oglebay Norton.

The $31-per-share offer was extended to 5 p.m. ET on Sept. 14.

"The Oglebay Norton board has until Friday to fulfill its fiduciary responsibility of maximizing shareholder value by removing the obstacles to our offer and allowing shareholders to receive the unmatched value we are presenting. With time running short, we urge the board to immediately terminate the company's poison pill and satisfy the maritime condition of the offer so that we can proceed with our offer," Harbinger said in a statement released on Tuesday.

Oglebay Norton shareholders were also urged to contact the board directly to express dissatisfaction with its conduct.

It was previously reported that Oglebay Norton shareholders had tendered 5,672,558 shares in the offer as of Sept. 6, the original deadline.

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.

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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