Harbinger offer for Oglebay Norton to end as scheduled

By Lisa Kerner

Charlotte, N.C., Sept. 25 - Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP do not intend to extend the offer to acquire all of the outstanding shares of Oglebay Norton Co.

As a result, the offer will end at 5 p.m. ET on Friday, according to a Harbinger news release.

The $31-per-share offer had been extended from Sept. 14 and Sept. 6.

It as previously reported that Oglebay Norton shareholders had tendered 5,672,558 shares in the offer as of Sept. 6. Harbinger extended the tender offer to allow time for Oglebay Norton to remove what it called obstacles to the deal's completion, including the poison pill and maritime conditions.

Harbinger said in a prior news release that is was 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. Oglebay Norton said it had received "an indication of interest in excess of $31 per share." The company rescheduled its 2007 annual meeting for Nov. 13 to give shareholders time to make an informed decision.

Oglebay Norton is a Cleveland-based provider of minerals and aggregates to markets including building materials, environmental remediation, energy and industrial applications.

Harbinger is a New York investment firm.

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