Brief: Synalloy - Delivered Merger Proposal To Universal Stainless & Alloy Products Board
15/10/2019 14:50
Oct 15 (Reuters) - Synalloy Corp SYNL.O :
* SYNALLOY CORP - DELIVERED MERGER PROPOSAL TO UNIVERSAL
STAINLESS
& ALLOY PRODUCTS BOARD
* SYNALLOY CORP - MERGER PROPOSAL STATES USAP SHAREHOLDERS
WILL
OWN ABOUT 52% OF NEWCO AND SYNL SHAREHOLDERS WILL OWN ABOUT 48%
* SYNALLOY CORP - MERGER PROPOSAL STATES NEWCO BOARD WILL
CONSIST
OF AN EQUAL NUMBER OF DIRECTORS FROM BOTH USAP AND SYNL
* SYNALLOY CORP - MERGER PROPOSAL STATES DENNY OATES,
CURRENT
CHAIRMAN OF BOARD, CEO AND PRESIDENT OF USAP WILL SERVE AS
EXECUTIVE CHAIRMAN OF NEWCO
* SYNALLOY CORP - MERGER PROPOSAL STATES CRAIG BRAM, CURRENT
CEO
AND PRESIDENT OF SYNL, WILL SERVE AS CEO AND PRESIDENT OF NEWCO
* SYNALLOY CORP - MERGER PROPOSAL STATES THAT NEWCO NET DEBT
WILL
BE LESS THAN $20 MILLION AND ABL BORROWING CAPACITY APPROACHING
$160 MILLION
* SYNALLOY - UNDER PROPOSAL, NEWCO WILL PURSUE STRATEGIES,
INCLUDING SALE LEASEBACK OF USAP PROPERTIES, SALE OF
NON-STRATEGIC ASSETS - SEC FILING
Source : (https://bit.ly/2oLrGPv)
Further company coverage: SYNL.O
((Reuters.Briefs@thomsonreuters.com;))