Oneida reviewing unsolicited acquisition proposal from shareholders DE Shaw, Xerion

By Caroline Salls

Pittsburgh, July 13 - Oneida Ltd. received an unsolicited proposal from current shareholders DE Shaw Laminar Portfolios, LLC and Xerion Capital Partners to acquire the company, according to a news release.

Oneida said its board of directors will consult with its legal and financial advisers and carefully review the proposal; but a definitive agreement has not been reached at this time.

"It is gratifying to see that Oneida's business plan has drawn interest from two substantial current shareholders," Oneida chairman Christopher H. Smith said in the release.

"The board noted that the proposal expressed support for Oneida's plan of reorganization and its current management team. We will give the proposal thorough and fair consideration."

Oneida said it expects to continue its confirmation hearing in the U.S. Bankruptcy Court for the Southern District of New York as planned. The company said it remains on track to complete its confirmation hearing process shortly and, depending on the outcome of its review of the acquisition proposal, hopes to be in a position to emerge from bankruptcy in the near future.

Oneida, the Oneida, N.Y, company that makes flatware, dinnerware, crystal and metal serving pieces for consumers and the food services industry, filed for Chapter 11 on March 19. Its Chapter 11 case number is 06-10489.

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