Steel Partners makes offer for Noritz

September 12th, 2008
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Steel Partners has offered to buy-out Noritz Corp, a Japanese gas and water heater maker, for $394 million. Steel Partners currently is the company’s #1 shareholder with an 18.7% stake in the company. In a statement, the activist hedge fund vented its frustration with management and stated that its offer was largely due to Steel’s "frustration and concern over the rapidly deteriorating performance."
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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