Hardinge Board to Review Unsolicited Proposal from Romi
05 Fevereiro 2010 - 7:00PM
PR Newswire (US)
ELMIRA, N.Y., Feb. 5 /PRNewswire-FirstCall/ -- Hardinge Inc.
(NASDAQ: HDNG) confirmed that it received an unsolicited proposal
from Industrias Romi S.A. of Brazil to acquire all of its
outstanding shares for $8.00 per share. Hardinge stated that it has
engaged Jefferies & Company, Inc. as its financial adviser, and
Wachtell, Lipton, Rosen & Katz as its legal adviser, to assist
it in evaluating and responding to the Romi proposal, which it
notes is subject to due diligence and other terms and conditions.
Hardinge said that its board of directors, in consultation with its
financial and legal advisers, will evaluate the unsolicited
proposal from Romi and make a determination in due course. The
Board urges shareholders to take no action until that determination
has been made. Hardinge is a global designer, manufacturer and
distributor of machine tools, specializing in SUPER PRECISION(TM)
and precision CNC Lathes, high performance Machining Centers,
high-end cylindrical and jig Grinding Machines, and technologically
advanced Workholding & Rotary Products. The Company's products
are distributed to most of the industrialized markets around the
world with approximately 69% of the 2008 sales outside of North
America. Hardinge has a very diverse international customer base
and serves a wide variety of end-user markets. This customer base
includes metalworking manufacturers which make parts for a variety
of industries, as well as a wide range of end users in the
aerospace, agricultural, transportation, basic consumer goods,
communications and electronics, construction, defense, energy,
pharmaceutical and medical equipment, and recreation industries,
among others. The Company has manufacturing operations in the
United States, Switzerland, Taiwan, and China. Hardinge's common
stock trades on NASDAQ Global Select Market under the symbol,
"HDNG." For more information, please visit
http://www.hardinge.com/. This news release contains
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended). Such statements are
based on management's current expectations that involve risks and
uncertainties. Any statements that are not statements of historical
fact or that are about future events may be deemed to be
forward-looking statements. For example, words such as "may,"
"will," "should," "estimates," "predicts," "potential," "continue,"
"strategy," "believes," "anticipates," "plans," "expects,"
"intends," and similar expressions are intended to identify
forward-looking statements. The company's actual results or
outcomes and the timing of certain events may differ significantly
from those discussed in any forward-looking statements. The company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events,
or otherwise. Contact: Edward Gaio Vice President and CFO (607)
378-4207 DATASOURCE: Hardinge Inc. CONTACT: Edward Gaio, Vice
President and CFO, +1-607-378-4207 Web Site:
http://www.hardinge.com/
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