Heavy metal buyout

Article Abstract:

Blackstone Capital Partners II Merchant Banking Fund and Veritas, owners of a former Bethlehem Steel plant in Johnstown, PA, will acquire foundering Republic Engineered Steels of Massillon, OH, for $420 million in cash and assumed debt. The proposed purchase will result to the merging of Republic's operations with those of steelbar maker BarTech, which is 80% owned by Blackstone and Veritas. Bartech's plans, however, will be dependent on a new five-year contract being recommended by Republic's 3,000 union workers. The new contract will result to the elimination of 1,400 jobs due to wage and pension improvements, more flexible work rules and early retirement benefits.

Comment:

To acquire Republic Engineered Steels for $420 million in cash and assumed debt

Investment Companies, Open-End Investment Funds, Ohio, Steel Foundries (except Investment), Steel Castings, The Blackstone Group, Republic Engineered Steels Inc., Veritas Capital Inc.

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WHX making run at parent of Harbison

Article Abstract:

WHX Corp. announced that it is planning to acquire all the stock that it does not own in Dallas, TX-based Global Industrial Technologies. The New York-based holding company has acquired a 9.9% stake, or almost 2.2 million shares in Global on Sep. 15, 1998, for a price that range between $6.083 to $7.356 per share. However, Global, whose operations include Harbison-Walker Refractories of Pittsburgh, PA, said that the company is not for sale. Global also said that it has adopted a stronger shareholders rights plan to discourage WHX and other hostile takeover attempts.

Comment:

Is planning to acquire all the stock that it does not own in Dallas, TX-based Global Industrial Technologies

Texas, Offices of Bank Holding Companies, Investment Holding Companies, Clay Refractories, Clay Refractory Manufacturing, Refractories (Materials), Global Industrial Technologies Inc., WHX Corp.

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Don't like cigars? Try the squid

Article Abstract:

Krantor Corp. of Long Island, NY, is set to meet with its shareholders on June 19, 1998 to vote on a name change to Synergy Brands Inc., which will offer a wide range of products such as Dominican cigars, frozen squid and prepaid phone cards. Shareholders of Krantor are also expected to discuss the proposal for a private offering of stock and debt worth $3 million. Krantor has been struggling in the market after recently liquidating its kosher food business in a move that resulted in losses worth $11.3 million in 1996.

Comment:

Will be the new name of Krantor Corp if shareholders approve

Organizational nomenclature, Groceries Wholesale, General Line Grocery Wholesalers, Food distributors, Krantor Corp., Synergy Brands Inc.

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