Oglebay Norton says open auction results in several offers worth more than $31 per share

By Lisa Kerner

Charlotte, N.C., Sept. 27 - Oglebay Norton Co. said it has received "multiple all cash proposals valued significantly in excess" of Harbinger Capital Partners' unsolicited tender offer of $31 per share.

"These proposals confirm our belief that maintaining a competitive, open auction is the best way to maximize shareholder value for all Oglebay Norton shareholders," board chairman Thomas O. Boucher, Jr., said in a company news release.

"This process has been conducted in an orderly manner and is moving forward expeditiously. As we enter the next round, including contractual discussions with those parties who have submitted offers, we remain committed to concluding, as soon as practicable, the process that we began to ensure our shareholders receive full value for their investment."

Oglebay Norton is being advised by JPMorgan and Imperial Capital, LLC.

There can be no assurance that the exploration of strategic alternatives will result in a definitive agreement or transaction, the release stated.

It was previously reported that Harbinger does not intend to extend the offer to acquire all of the outstanding shares of Oglebay Norton past the Sept. 28 deadline. Oglebay shareholders had tendered 5,672,558 shares in the offer as of the original deadline, Sept. 6. Harbinger extended the tender offer to allow time for Oglebay Norton to remove what it called certain obstacles to the deal's completion, including the poison pill and maritime conditions.

Harbinger, a New York investment firm, had been 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 is a Cleveland-based provider of minerals and aggregates to markets including building materials, environmental remediation, energy and industrial applications.

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