BN 01/14 21:10 * BOARD OF EASTERN CO. RESPOND TO UNSOLICITED PROPOSAL
The Board of Directors of The Eastern Company Respond to Unsolicited Proposal
2015-01-14 21:10:00.124 GMT
The Board of Directors of The Eastern Company Respond to Unsolicited
Proposal
Business Wire
NAUGATUCK, Conn. -- January 14, 2015
The Eastern Company (NASDAQ-EML) (the “Company”) recently received a letter
from Synalloy Corporation (NASDAQ-SYNL) expressing the interest of Synalloy in
the possible acquisition of the Company for $6.69 per share in cash and
approximately $12.43 in shares of Synalloy common stock.
The Board of Directors of the Company has carefully reviewed and unanimously
determined that the proposal is not in the best interests of the Company and
its shareholders. The Board of Directors further determined that it would be
more beneficial to its shareholders to continue to execute the Company’s
current business strategy rather than pursue the transaction as proposed by
Synalloy.
The Eastern Company is a 156-year old manufacturer of industrial hardware,
security products and metal castings. It operates from eleven locations in the
U.S., Canada, Mexico, Taiwan and China. The diversity of the Company’s
products helps it respond to the changing requirements of a broad array of
markets.
Forward-Looking Statements: Information in this news release contains
statements which reflect the Company’s current expectations regarding its
future operating performance and achievements. Actual results may differ due
to the many economic uncertainties that affect the Company’s business
environment. Further information about the potential factors which could
affect the Company’s financial results is included in the Company’s reports
and filings with the Securities and Exchange Commission. The Company is not
obligated to update or revise the aforementioned statements for those new
developments.
Contact:
For The Eastern Company
Leonard F. Leganza or John L. Sullivan III, 203-729-2255
-0- Jan/14/2015 21:10 GMT
2015-01-14 21:10:00.124 GMT
The Board of Directors of The Eastern Company Respond to Unsolicited
Proposal
Business Wire
NAUGATUCK, Conn. -- January 14, 2015
The Eastern Company (NASDAQ-EML) (the “Company”) recently received a letter
from Synalloy Corporation (NASDAQ-SYNL) expressing the interest of Synalloy in
the possible acquisition of the Company for $6.69 per share in cash and
approximately $12.43 in shares of Synalloy common stock.
The Board of Directors of the Company has carefully reviewed and unanimously
determined that the proposal is not in the best interests of the Company and
its shareholders. The Board of Directors further determined that it would be
more beneficial to its shareholders to continue to execute the Company’s
current business strategy rather than pursue the transaction as proposed by
Synalloy.
The Eastern Company is a 156-year old manufacturer of industrial hardware,
security products and metal castings. It operates from eleven locations in the
U.S., Canada, Mexico, Taiwan and China. The diversity of the Company’s
products helps it respond to the changing requirements of a broad array of
markets.
Forward-Looking Statements: Information in this news release contains
statements which reflect the Company’s current expectations regarding its
future operating performance and achievements. Actual results may differ due
to the many economic uncertainties that affect the Company’s business
environment. Further information about the potential factors which could
affect the Company’s financial results is included in the Company’s reports
and filings with the Securities and Exchange Commission. The Company is not
obligated to update or revise the aforementioned statements for those new
developments.
Contact:
For The Eastern Company
Leonard F. Leganza or John L. Sullivan III, 203-729-2255
-0- Jan/14/2015 21:10 GMT