Central Steel nixes $264M offer: banker

Oct 17, 2011 | 05:55 PM | Corinna Petry

Tags  Central Steel & Wire, Samuel Son, purchase offer, Edelman & Co, corinna petry

CHICAGO — Canadian metals distributor and metal products manufacturer Samuel, Son & Co. Ltd. has withdrawn a $264.3-million offer to acquire Central Steel & Wire Co. after it apparently was rebuffed by the Chicago-based service center, according to a banker representing Central Steel shareholders.

Robert Edelman, principal of investment bank Edelman & Co. Ltd., Milwaukee, issued a statement Monday indicating that Samuel had advised him that it had withdrawn its proposal to buy Central Steel for $1,000 per share. Edelman represents 25 percent of Central Steel’s shareholders but does not represent Mississauga, Ontario-based Samuel Son in any way.

"My job was to find buyers for my (shareholder) clients and other unaffiliated owners wanting to sell their shares. I contacted people wanting to buy those shares," Edelman told AMM.

The banker said in the statement that "Samuel, Son & Co. advised Edelman that in light of Central Steel’s rejection of Samuel’s proposal, Samuel had withdrawn the proposal and did not intend to take any further steps to acquire Central Steel."....

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