Oct. 1, 2013, 8:17 AM
- Edgen Group (EDG) +56.4% premarket after Sumitomo (SSUMY.PK) agrees to buy the distributor of specialty products to the energy and infrastructure markets for $12/share, a 58% premium over Monday's close.
- EDG has two commercial brands, Edgen Murray and Bourland & Leverich, and had total sales of $2.06B in 2012 with 660 employees and operations in more than 35 locations in 18 countries.
- EDG launched an IPO in April 2012, pricing at $11, below its expected $14-$16 range, and has traded below $9 for most of the time since.
Edgen Group Inc is a global distributor of specialty products to energy sector, including steel pipe, valves, quenched & tempered & high yield heavy plate, and related components. It has two segments: Energy & Infrastructure and Oil Country Tubular Goods.
Industry: Industrial Equipment Wholesale
Country: United States
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