Oglebay Norton confident it can get more than Harbinger's offer of $31 per share

By Lisa Kerner

Charlotte, N.C., Sept. 12 - Oglebay Norton Co. said "numerous" buyers have been contacted and have signed confidentiality agreements as part of the company's strategic alternatives review process first announced on July 24.

The company said it has received "an indication of interest in excess of $31 per share."

Oglebay Norton's special committee believes the review process may generate value greater than the $31 per share offered in the unsolicited tender offer by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP. Harbinger has not responded to Oglebay Norton's invitation to participate in the review process.

"The company is engaged in an orderly process designed to maximize value for all Oglebay Norton shareholders," chairman of the board and the special committee Thomas O. Boucher, Jr., said in a company news release.

"We understand our shareholders' desire to see a resolution of the process and appreciate their patience as we continue our discussions with potential buyers. We continue to believe that this process may result in an offer that is superior to Harbinger's unsolicited bid of $31 per share."

Oglebay Norton rescheduled its 2007 annual meeting to Nov. 13 to give shareholders time to make an informed decision.

Harbinger previously announced the extension of its tender offer to 5 p.m. ET on Sept. 14. It was previously reported that Oglebay Norton shareholders had tendered 5,672,558 shares as of Sept. 6, the original tender offer deadline.

On Tuesday, Harbinger demanded that Oglebay Norton's board remove "impediments" to its offer, namely the poison pill and maritime conditions. The investor also encouraged Oglebay Norton shareholders to contact the company's board directly to express dissatisfaction with its conduct, a Harbinger news release stated.

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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