DMC Global Shares Rise as Steel Connect Reiterates Buyout Bid

Dow Jones

2024-09-17

By Colin Kellaher

Shares of DMC Global rose more than 20% Tuesday after shareholder Steel Connect reiterated its proposal to buy the rest of the provider of technical products and services.

Steel Connect, a diversified holding company majority owned by investment firm Steel Partners, in June disclosed a 9.8% stake in DMC and said it had proposed a buyout price of $16.50 a share, a nearly 25% premium to the Broomfield, Colo., company's trading price of $13.22 at the time.

DMC in June said it was considering the proposal, which valued the company at about $330 million, but Steel Connect on Tuesday said no real progress has occurred, and it noted that DMC's share price had fallen by more than 17% since the proposal was made public.

DMC's bid now represents a premium of 51% to Monday's closing price of $10.91. The stock was recently changing hands at $13.40, up 23%.

DMC representatives weren't immediately available for comment.

Steel Connect said it is ready to engage in good faith around its proposal, adding that it also would consider a deal to buy DMC's DynaEnergetics and NobelClad businesses for a total of $185 million, consisting of its DMC shareholdings and cash.

DMC in January said it was considering a sale of the DynaEnergetics and NobelClad businesses, which account for more than half of the company's sales.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 17, 2024 11:04 ET (15:04 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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The stock was recently changing hands at $13.40, up 23%. \n</p>\n<p>\n  DMC representatives weren't immediately available for comment. \n</p>\n<p>\n  Steel Connect said it is ready to engage in good faith around its proposal, adding that it also would consider a deal to buy DMC's DynaEnergetics and NobelClad businesses for a total of $185 million, consisting of its DMC shareholdings and cash. \n</p>\n<p>\n  DMC in January said it was considering a sale of the DynaEnergetics and NobelClad businesses, which account for more than half of the company's sales. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Colin Kellaher at colin.kellaher@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 17, 2024 11:04 ET (15:04 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4226","symbol_name":"數據處理及外包服務","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2468436308","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2468436308","pubTimestamp":1726585440,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of DMC Global rose more than 20% Tuesday after shareholder Steel Connect reiterated its proposal to buy the rest of the provider of technical products and services.Steel Connect, a diversified holding company majority owned by investment firm Steel Partners, in June disclosed a 9.8% stake in DMC and said it had proposed a buyout price of $16.50 a share, a nearly 25% premium to the Broomfield, Colo., company's trading price of $13.22 at the time.DMC in June said it was considering the proposal, which valued the company at about $330 million, but Steel Connect on Tuesday said no real progress has occurred, and it noted that DMC's share price had fallen by more than 17% since the proposal was made public.DMC's bid now represents a premium of 51% to Monday's closing price of $10.91. 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The stock was recently changing hands at $13.40, up 23%. \n\n\n  DMC representatives weren't immediately available for comment. \n\n\n  Steel Connect said it is ready to engage in good faith around its proposal, adding that it also would consider a deal to buy DMC's DynaEnergetics and NobelClad businesses for a total of $185 million, consisting of its DMC shareholdings and cash. \n\n\n  DMC in January said it was considering a sale of the DynaEnergetics and NobelClad businesses, which account for more than half of the company's sales. \n\n\n \n\n\n  Write to Colin Kellaher at colin.kellaher@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  September 17, 2024 11:04 ET (15:04 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}