Steel Partners gives up on Noritz buyout

March 24th, 2009
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Steel Partners has withdrawn its proposal to buy Noritz Corp (5943.T), a Japanese gas and water heater maker. The activist hedge fund, which holds an 18.7% stake in the company, first proposed a buy-out in September of 2008. Shares having been trading above Steel’s offer, and the fund believes that current pricing overvalues the company.
For Detailed Investor Profiles on these Investors, click below:
Steel Partners
Related People: Joshua Schechter; Lawrence Butler; Warren G. Lichtenstein
Related Entities: Steel Partners; Steel Partners II Master Fund LP; Steel Partners Japan Strategic Fund; Steel Partners LLC; WebFinancial LP
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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