Lakeside gets $75.2M offer for all shares

Dec 20, 2011 | 05:37 PM | Michael Cowden

Tags  Lakeside Steel, acquisition, Ron Bedard, Vic Alboini, Jaguar Financial, Romspen, steel pipe, steel tube Michael Cowden

TORONTO — An unnamed buyer has made a non-binding offer to purchase all of Lakeside Steel Corp.’s common shares for Canadian 40 cents (38.8 cents) per share.

The offer values the Welland, Ontario-based steel pipe and tube maker at about C$77.5 million ($75.2 million), given that there are about 193.7 million shares outstanding.

The proposed offer represents a nearly six-fold premium to Lakeside’s previous closing price of C7 cents per share on the Toronto Stock Exchange (TSX). It was not immediately clear Tuesday why the offer price might be so high.....

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