Privet Management offers to acquire Synalloy for $20 per share in cash
In a regulatory filing, Privet Fund Management reported that it sent a letter to the board of directors of Synalloy Corporation proposing to acquire all of the outstanding common stock of the corporation not already owned by Privet for $20.00 per share, in cash, representing a premium of 42% to the closing price of the corporation's common stock on April 22. "The proposal is not intended to be legally binding, and is subject to, among other things, the negotiation and execution of a mutually satisfactory definitive acquisition agreement, regulatory approvals, the receipt of financing and satisfactory completion of due diligence," the filing stated. "As you know, Privet is a significant shareholder of Synalloy owning 14.5% of the Company's outstanding shares, and we appreciate the opportunity we have had to develop a deep understanding of the Company in connection with that investment. We hope that you and the members of the Board of Directors find this Indication of Interest compelling, and we look forward to working with you to complete a transaction," Privet stated in the letter made public in the filing.