What is WHX up to??
They just announced a mysterious deal with WS. . .perhaps to spin-off their steel division and get it off their books. . . great move. . . .
Now they let their tender offer for GIX expire. . . and will be returning any tendered shares. Here is an interesting thought. . . what if they have decided that they no longer wanted as much to do with steel. . . therefore would not need GIX. . . .for that matter, they could sell off Unimast. . . . I would imagine they will hold Handy and Harman. . as it is a money making machine. . . literally.
But what if they are setting their sights on other horizons. . . for the purpose of increasing shareholder value. . . . or buying back more shares??
There are lots of bargains out there that could contribute to their bottom line. . . and there are many opportunities to be had, for a company with cash.
Just a thought. . . . here is news:
Rande Is
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WHX Allows Its Tender Offer for Global Industrial Technologies To Expire
NEW YORK, July 14 /PRNewswire/ -- WHX Corporation (NYSE: WHX) announced today that in light of the proposed merger announced on July 12, 1999 between Global Industrial Technologies (NYSE: GIX) and RHI AG (Vienna Stock Exchange: RHI) it has decided to discontinue its tender offer for all of the outstanding shares of Global stock. As previously announced, WHX's tender offer expired as of close of business yesterday and will not be further extended. All shares tendered to WHX will be promptly returned to their respective Global stockholders.
WHX is a holding company that has been structured to invest in and/or acquire a diverse group of businesses on a decentralized basis. WHX's primary businesses currently are Handy & Harman, a diversified manufacturing company whose strategic business segments encompass, among others, specialty wire and tubing, and precious metals plating, stamping and fabrication, and Wheeling-Pittsburgh Steel Corporation, a vertically integrated manufacturer of value-added and flat rolled steel products. WHX's other businesses include Unimast Incorporated, a leading manufacturer of steel framing and other products for commercial and residential construction and WHX Entertainment Corp., a co-owner of a racetrack and video lottery facility located in Wheeling, West Virginia.
SOURCE WHX Corporation
CO: WHX Corporation; Global Industrial Technologies; RHI AG |
