Hardinge Inc. to Review Indication of Interest from Privet
02 Noviembre 2017 - 11:00AM
Business Wire
Hardinge Inc. (NASDAQ: HDNG), a leading international provider
of advanced metal-cutting solutions and accessories, today
confirmed that Privet Fund LP and Privet Fund
Management LLC (“Privet”) indicated to Hardinge that Privet is
currently evaluating a potential transaction to acquire all of the
outstanding shares of Hardinge common stock that it does not
already own at a price of $17.25 per share.
In connection with Privet’s indication of interest, the Hardinge
board of directors formed a Strategic Alternatives Committee (the
“Committee”) comprised of Christopher DiSantis (chairperson),
Mitchell Quain and Tony Tripeny, each of whom confirmed to the
board of directors that he is independent and disinterested with
respect to Privet. In order to allow Privet to further evaluate a
potential transaction, at Privet’s request, the Committee agreed to
provide Privet, its advisors and potential financing sources with
access to confidential information regarding Hardinge.
Consistent with its fiduciary duties and in consultation with
its independent financial and legal advisors, the Committee will
carefully review Privet’s indication of interest in the context of
all relevant factors and determine the course of action that it
believes is in the best interests of Hardinge and its
shareholders.
BMO Capital Markets Corp. is acting as financial advisor and
Wachtell, Lipton, Rosen & Katz is acting as legal advisor to
Hardinge.
About Hardinge
Hardinge is a leading global designer and manufacturer of high
precision, computer-controlled machine tool solutions developed for
critical, hard-to-machine metal parts and of technologically
advanced workholding accessories. The Company’s strategy is to
leverage its global brand strength to further penetrate global
market opportunities where customers will benefit from the
technologically advanced, high quality, reliable products Hardinge
produces. With approximately two-thirds of its sales outside of
North America, Hardinge serves the worldwide metal working market.
Hardinge’s machine tool and accessory solutions can also be found
in a broad base of industries to include aerospace, agricultural,
automotive, construction, consumer products, defense, energy,
medical, technology and transportation.
Hardinge applies its engineering design and manufacturing
expertise in high performance machining centers, high-end
cylindrical and jig grinding machines, SUPER-PRECISION® and
precision CNC lathes and technologically advanced workholding
accessories. Hardinge has manufacturing operations in China,
France, Germany, India, Switzerland, Taiwan, the United Kingdom and
the United States.
The Company regularly posts information on its website:
www.hardinge.com
Safe Harbor Statement
This news release contains forward-looking statements (within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended). Such statements are based on management's current
expectations that involve risks and uncertainties. Any statements
that are not statements of historical fact or that are about future
events may be deemed to be forward-looking statements. For example,
words such as "may," "will," "should," "estimates," "predicts,"
"potential," "continue," "strategy," "believes," "anticipates,"
"plans," "expects," "intends," and similar expressions are intended
to identify forward-looking statements. The Company's actual
results or outcomes and the timing of certain events may differ
significantly from those discussed in any forward-looking
statements. The Company undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171102006284/en/
Hardinge Inc.Douglas J. Malone, 607-378-4140Senior Vice
President and Chief Financial OfficerorInvestor
Relations:Kei Advisors LLCDeborah K. Pawlowski,
716-843-3908dpawlowski@keiadvisors.com
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