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must be trying to sell the company or

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rayrohn   Monday, 07/09/07 10:47:20 PM
Re: mikeanthony post# 19
Post # of 34 
must be trying to sell the company or something ???

Chaparral Steel bids due Monday; multiple buyers remain interested - sources
By by Michael Ross and Yana Morris in New York

Published: July 9 2007 04:13 | Last updated: July 9 2007 04:13


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Bids for Chaparral Steel are due Monday, according to sources familiar with the auction.

The first source said it was his understanding that all due diligence visits were complete, and that all parties should be ready to submit a bid by Monday.

According to a second source familiar with the situation, the sellside has put the process into “fast-forward.” The same source said suitors will probably submit bids on Sunday.

Asked whether oft-mentioned potential bidder Gerdau is leading the process, the first source said that he could not confirm it, but that his sense is that the Brazilian major is still being aggressive.

The second source said Gerdau is definitely involved and is bidding against other potential buyers. This source added that he had a strong hint that there is a European presence in the auction, along with domestic interest. In a previous report on this news service, an industry banker suggested that Germany-based Salzgitter could show an interest in Chaparral. Rumors about Mittal being interested have also circulated amongst other buyers, although one industry banker argued that Mittal is probably too occupied dealing with the Sparrows Point divestiture to bid for Chaparral.

Regarding price, the first source familiar with the situation said that he thought Chaparral was very richly valued when it was trading around USD 70. Now trading between USD 75 -76, the source commented that he is skeptical that buyers will be able to justify a premium to market, after looking at the company’s numbers.

The second source familiar with the process said that the market “could be ahead of themselves, but there is one more round.”

Both sources doubted the likelihood of an announcement before earnings on 11 July. It would be tough, but not impossible, for the company to negotiate a deal with the buyer over two days, said the first source.

The second source said in his view an announcement by 11 July is unlikely, but conceded that he does not have visibility into discussions with other interested parties.

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Ray
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