Brookfield plans to buy GrafTech in a tender offer
NEW YORK (AP) -- Brookfield Asset Management Inc. plans to buy graphite manufacturer GrafTech International Ltd. for about $691.8 million in a tender offer.
The Toronto-based asset manager is paying $5.05 per share for GrafTech, which is based in Parma, Ohio. That represents less than a 2 percent premium to the stock's closing price on Friday.
Earlier this month, Brookfield entered a deal with GrafTech to buy $150 million worth of 7 percent convertible preferred shares of GrafTech stock in a private offering.
The tender offer was approved by both company's boards. It will start no later than May 26 and expire on July 7.
"The company believes that Brookfield has an exceptional track record sponsoring public companies in difficult underlying market conditions, including significant knowledge and experience in steel, mining and metals, and other industrial sectors," GrafTech said in a statement.
Shares of GrafTech rose 14 cents, or 2.8 percent, to $5.09 in premarket trading.
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