Steel Partners gives up on Noritz buyout
| March 24th, 2009 | ||
| Steel Partners has withdrawn its proposal to buy Noritz Corp (5943.T), a Japanese gas and water heater maker. The activist hedge fund, which holds an 18.7% stake in the company, first proposed a buy-out in September of 2008. Shares having been trading above Steel’s offer, and the fund believes that current pricing overvalues the company. | ||
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Steel Partners |
Related People: Joshua Schechter;
Related Entities: Steel Partners;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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