Pirate Capital ups stake in PW Eagle ahead of merger vote

By Lisa Kerner

Charlotte, N.C., Feb. 26 - A group of PW Eagle, Inc. shareholders led by Pirate Capital LLC increased its stake in the company with The Jolly Roger Activist Portfolio Co. Ltd.'s purchase of 133,600 shares of PW Eagle stock priced at $33.03 and $33.27 from Feb. 5 through Feb. 22.

The reporting persons now beneficially own 3,425,387.3546 shares, or 28.5% of PW Eagle's outstanding shares, according to a schedule 13D filed with the Securities and Exchange Commission.

PW Eagle recently signed a definitive merger agreement with a wholly owed subsidiary of J.M. Manufacturing Co, Inc. and set Feb. 28 as the record date for shareholders entitled to vote on the proposed merger.

Under the terms of the agreement, PW Eagle shareholders will receive $33.50 in cash for each share of PW Eagle common stock.

PW Eagle is an extruder of PVC pipe products located in Eugene, Ore.

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