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Harbinger Capital ready to offer Oglebay Norton $31 per share
By Lisa Kerner
Charlotte, N.C., Sept. 13 - Harbinger Capital Partners said it was never invited to be a part of Oglebay Norton Co.'s strategic alternatives review process despite the company's claims to the contrary.
However, Harbinger is prepared to immediately enter into a definitive merger agreement to purchase all the capital of Oglebay Norton for $31 per share in cash while allowing the company to seek a higher offer, according to a news release issued by the New York investment firm on Thursday.
The offer, which Harbinger considers a "win-win," includes a 30-day go-shop period. Harbinger would have the right to match any competing offers.
The offer is not subject to the conduct of due diligence, the receipt of material non-public information or financing, the release stated.
Harbinger's $31-per-share all-cash tender offer remains outstanding and is slated to close on Sept. 14.
It was previously reported that Oglebay Norton contacted "numerous" buyers and signed confidentiality agreements as part of the company's strategic alternatives review process first announced on July 24. In addition, the company said it received "an indication of interest in excess of $31 per share."
Oglebay Norton rescheduled its 2007 annual meeting for Nov. 13 to give shareholders time to make an informed decision.
The investor had demanded that Oglebay Norton's board remove "impediments" to its offer - the poison pill and maritime conditions.
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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