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Special Committee of Schuff International Provides Update on Recent Developments
Special Committee of Schuff International Provides Update on Recent Developments.
About this update from Dbm Global Inc
[{"type":"text","content":"\n \n \n Special Committee of Schuff International Provides Update on Recent Developments\n \n \nSpecial Committee of Schuff International Provides Update on Recent Developments\n \n PHOENIX, AZ--(Marketwired - Sep 26, 2014) - Schuff International, Inc. (PINKSHEETS: SHFK) (the \"Company\") today announced that the independent Special Committee of the Board of Directors of the Company (the \"Committee\") has released a supplement (the \"Supplemental Statement\") to its position statement, dated September 5, 2014 (the \"Prior Statement\"), with respect to the unsolicited cash tender offer (the \"Offer\") initiated on August 21, 2014 by HC2 Holdings, Inc. (\"HC2\"), the 70% stockholder of the Company, to purchase all of the issued and outstanding shares of common stock of the Company, par value $0.001 per share (collectively, the \"Shares\"), that HC2 does not currently own at a purchase price of $31.50 per Share, net in cash, without interest (the \"Offer Price\"). \n The Supplemental Statement updates stockholders on certain events that have occurred since the date of the Prior Statement.\n The Company 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 the Company plans to bid on the other phases, there can be no assurance that the Company's bids will be successful. Apart from any work on additional phases, the Project is expected to be one of five of the Company's largest current projects. The Company believes that the Project will have a positive effect on its revenue, currently anticipated to be approximately ten percent or more for fiscal year 2014. There can be no assurances, however, that the anticipated positive effects on revenue will be achieved. \n The Committee has been advised that certain directors and officers of the Company who are also stockholders of the Company have tendered their Shares pursuant to the Offer and do not intend to withdraw their previously tendered Shares. The members of the Committee have tendered their Shares in the Offer and currently do no...