ELMIRA — Hardinge Inc. (NASDAQ: HDNG), an Elmira–based manufacturer, has agreed to be purchased by Atlanta–based Privet Fund Management for $18.50 per share in cash. Privet, which already holds shares of Hardinge, agreed to buy all shares of the company that it didn’t already own. At that price, Hardinge is valued at about $245 million. […]
ELMIRA — Hardinge Inc. (NASDAQ: HDNG), an Elmira–based manufacturer, has agreed to be purchased by Atlanta–based Privet Fund Management for $18.50 per share in cash.
Privet, which already holds shares of Hardinge, agreed to buy all shares of the company that it didn’t already own.
At that price, Hardinge is valued at about $245 million.
Hardinge is a designer and builder of metal-cutting tools with 340 employees at its Elmira headquarters and 1,451 workers worldwide, according to a company spokesperson. It has manufacturing facilities in China, France, Germany, India, Switzerland, Taiwan, the United Kingdom, and the U.S.
The company says it does not expect the merger will have an impact on jobs in Elmira.
Hardinge generated nearly $318 million in sales in 2017, with about two-thirds of its sales from outside North America.
The $18.50 price is a 12.1 percent premium on the stock’s closing price on Nov. 1, the last day before Privet and Hardinge announced Privet was interested in buying the company. At the time, it mentioned a price of $17.25 per share. Also at that time, Privet’s principal and portfolio manager, Ryan J. Levenson, joined Hardinge’s board, according to Bloomberg.
Those developments came less than six months after Charles (Chuck) Dougherty was named president and CEO of Hardinge, replacing 30-year company veteran Richard L. Simons.
Before joining Hardinge, Dougherty had been president and CEO of American Science & Engineering, which was bought by OSI Systems Inc. in 2016.
Christopher DiSantis, chairman of Hardinge since August, led the committee that negotiated the agreement.
“We are pleased to have successfully negotiated a transaction at this robust point in the business cycle that we believe is in the best interests of the shareholders,” he said in a news release. “The committee, with the assistance of our financial and legal advisors, carefully analyzed Privet’s offer and came to this conclusion after thorough consideration and extensive negotiation. The transaction provides significant value and liquidity for our shareholders, as well as continuity and opportunities for future growth for our employees, and a full opportunity to market test the price in a rigorous go-shop process.”
The committee and the independent directors of the board are unanimously recommending that the company’s shareholders vote yes on the proposed transaction, he added.
“Hardinge has been a valued partner and solutions provider to global manufacturers for over 100 years. We believe the Company has the talent and capabilities to advance to the forefront of innovation.” Levenson said. “We look forward to deepening our relationship with the company, its global team and its customers all around the world, as we work with Hardinge to achieve its long-term vision for growth.”
The sale of Hardinge is expected to close at the end of the second quarter, the company says. Currently, the deal is in a 45-day “go-shop” period during which Hardinge can seek other buyers at a higher price.
In 2010, Hardinge fended off a hostile takeover bid by Brazilian company Industrias Romi S.A, which had offered a price of $8 a share.
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ELMIRA — Hardinge Inc. (NASDAQ: HDNG), an Elmira–based manufacturer, has agreed to be purchased by Atlanta–based Privet Fund Management for $18.50 per share in cash.
Privet, which already holds shares of Hardinge, agreed to buy all shares of the company that it didn’t already own.
At that price, Hardinge is valued at about $245 million.
Hardinge is a designer and builder of metal-cutting tools with 340 employees at its Elmira headquarters and 1,451 workers worldwide, according to a company spokesperson. It has manufacturing facilities in China, France, Germany, India, Switzerland, Taiwan, the United Kingdom, and the U.S.
The company says it does not expect the merger will have an impact on jobs in Elmira.
Hardinge generated nearly $318 million in sales in 2017, with about two-thirds of its sales from outside North America.
The $18.50 price is a 12.1 percent premium on the stock’s closing price on Nov. 1, the last day before Privet and Hardinge announced Privet was interested in buying the company. At the time, it mentioned a price of $17.25 per share. Also at that time, Privet’s principal and portfolio manager, Ryan J. Levenson, joined Hardinge’s board, according to Bloomberg.
Those developments came less than six months after Charles (Chuck) Dougherty was named president and CEO of Hardinge, replacing 30-year company veteran Richard L. Simons.
Before joining Hardinge, Dougherty had been president and CEO of American Science & Engineering, which was bought by OSI Systems Inc. in 2016.
Christopher DiSantis, chairman of Hardinge since August, led the committee that negotiated the agreement.
“We are pleased to have successfully negotiated a transaction at this robust point in the business cycle that we believe is in the best interests of the shareholders,” he said in a news release. “The committee, with the assistance of our financial and legal advisors, carefully analyzed Privet’s offer and came to this conclusion after thorough consideration and extensive negotiation. The transaction provides significant value and liquidity for our shareholders, as well as continuity and opportunities for future growth for our employees, and a full opportunity to market test the price in a rigorous go-shop process.”
The committee and the independent directors of the board are unanimously recommending that the company’s shareholders vote yes on the proposed transaction, he added.
“Hardinge has been a valued partner and solutions provider to global manufacturers for over 100 years. We believe the Company has the talent and capabilities to advance to the forefront of innovation.” Levenson said. “We look forward to deepening our relationship with the company, its global team and its customers all around the world, as we work with Hardinge to achieve its long-term vision for growth.”
The sale of Hardinge is expected to close at the end of the second quarter, the company says. Currently, the deal is in a 45-day “go-shop” period during which Hardinge can seek other buyers at a higher price.
In 2010, Hardinge fended off a hostile takeover bid by Brazilian company Industrias Romi S.A, which had offered a price of $8 a share.
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ELMIRA — Hardinge Inc. (NASDAQ: HDNG), an Elmira–based manufacturer, has agreed to be purchased by Atlanta–based Privet Fund Management for $18.50 per share in cash. Privet, which already holds shares of Hardinge, agreed to buy all shares of the company that it didn’t already own. At that price, Hardinge is valued at about $245 million. […]
ELMIRA — Hardinge Inc. (NASDAQ: HDNG), an Elmira–based manufacturer, has agreed to be purchased by Atlanta–based Privet Fund Management for $18.50 per share in cash.
Privet, which already holds shares of Hardinge, agreed to buy all shares of the company that it didn’t already own.
At that price, Hardinge is valued at about $245 million.
Hardinge is a designer and builder of metal-cutting tools with 340 employees at its Elmira headquarters and 1,451 workers worldwide, according to a company spokesperson. It has manufacturing facilities in China, France, Germany, India, Switzerland, Taiwan, the United Kingdom, and the U.S.
The company says it does not expect the merger will have an impact on jobs in Elmira.
Hardinge generated nearly $318 million in sales in 2017, with about two-thirds of its sales from outside North America.
The $18.50 price is a 12.1 percent premium on the stock’s closing price on Nov. 1, the last day before Privet and Hardinge announced Privet was interested in buying the company. At the time, it mentioned a price of $17.25 per share. Also at that time, Privet’s principal and portfolio manager, Ryan J. Levenson, joined Hardinge’s board, according to Bloomberg.
Those developments came less than six months after Charles (Chuck) Dougherty was named president and CEO of Hardinge, replacing 30-year company veteran Richard L. Simons.
Before joining Hardinge, Dougherty had been president and CEO of American Science & Engineering, which was bought by OSI Systems Inc. in 2016.
Christopher DiSantis, chairman of Hardinge since August, led the committee that negotiated the agreement.
“We are pleased to have successfully negotiated a transaction at this robust point in the business cycle that we believe is in the best interests of the shareholders,” he said in a news release. “The committee, with the assistance of our financial and legal advisors, carefully analyzed Privet’s offer and came to this conclusion after thorough consideration and extensive negotiation. The transaction provides significant value and liquidity for our shareholders, as well as continuity and opportunities for future growth for our employees, and a full opportunity to market test the price in a rigorous go-shop process.”
The committee and the independent directors of the board are unanimously recommending that the company’s shareholders vote yes on the proposed transaction, he added.
“Hardinge has been a valued partner and solutions provider to global manufacturers for over 100 years. We believe the Company has the talent and capabilities to advance to the forefront of innovation.” Levenson said. “We look forward to deepening our relationship with the company, its global team and its customers all around the world, as we work with Hardinge to achieve its long-term vision for growth.”
The sale of Hardinge is expected to close at the end of the second quarter, the company says. Currently, the deal is in a 45-day “go-shop” period during which Hardinge can seek other buyers at a higher price.
In 2010, Hardinge fended off a hostile takeover bid by Brazilian company Industrias Romi S.A, which had offered a price of $8 a share.
