Funding issues threaten Optima, KES deal
Dec 17, 2012 | 02:32 PM
| Michael Cowden
Tags
Optima Specialty Steel,
Kevin Stevick,
ALJ Regional Holdings,
Kentucky Electric Steel,
merger,
acquisition,
financing,
Michigan Seamless Tube
Niagara LaSalle
CHICAGO — Seamless tube and cold-finished bar producer Optima Specialty Steel Inc. has been unable to obtain funding for its proposed $112.5-million acquisition of special bar quality (SBQ) and merchant bar quality flats producer Kentucky Electric Steel LLC (KES), putting the deal in jeopardy.
Miami-based Optima is committed to finding financing, both companies said Monday, adding that neither party had exercised its right to stop the acquisition.....
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