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HC2 Announces Extension of Expiration Time for Tender Offer for All Outstanding Shares of Schuff International, Inc.
HC2 Announces Extension of Expiration Time for Tender Offer for All Outstanding Shares of Schuff International, Inc..
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[{"type":"text","content":"\n \n \n HC2 Announces Extension of Expiration Time for Tender Offer for All Outstanding Shares of Schuff International, Inc.\n \n \nHC2 Announces Extension of Expiration Time for Tender Offer for All Outstanding Shares of Schuff International, Inc.\n \n HERNDON, VA--(Marketwired - Sep 30, 2014) - HC2 Holdings, Inc. (\"HC2\") (OTCQB: HCHC) today announced that it has extended the expiration time of its previously announced tender offer for all of the outstanding shares (the \"Shares\") of common stock of Schuff International, Inc. (\"Schuff\") that it does not already own (the \"Offer\") to October 6, 2014 at 5:00 PM, New York City Time, unless further extended (the \"Expiration Time\"). Accordingly, holders who validly tender their Shares before the Expiration Time will be eligible to receive the previously announced $31.50 per Share, net to the holder thereof in cash, without interest thereon and subject to any required tax withholding. \n HC2 has been informed by the Depositary for the Offer that as of September 29, 2014 at 5:00 PM, New York City time, 716,080 Shares had been tendered in the Offer. Giving effect to the purchase by HC2 of the Shares tendered to date, HC2 would own, upon the consummation of the Offer, 88.6% of the outstanding Shares. The number of Shares tendered to date, satisfies the Majority-of-the-Minority Condition described in the Offer to Purchase (as defined below).\n On September 26, 2014, Schuff announced that the special committee of its board of directors had released a supplemental statement to its prior position statement regarding the Offer. The announcement included an update that Schuff has entered into a confidential agreement with a manufacturer to furnish, fabricate and erect the first structural steel package on a large-scale manufacturing plant in the United States (the \"Project\"). The initial structural steel package of the Project is anticipated to exceed 20,000 tons. The Project is the first phase of what is anticipated to be several large phases on the manufacturing plant. While Schuff announced that it plans to bid on the other phases, there can be no assurance that its bids will be successful. Apart from any work on additional phases, Schuff announced that the Project is expected to be one of its five largest current projects. Schuff said that it believes that the Project will have...