Babcock & Wilcox rebuffs Steel Partners buyout

|About: Babcock & Wilcox Enterpris... (BW)|By:, SA News Editor

Steel Partners (SPLP) has reported an 11.8% stake in Babcock & Wilcox (BW -3.1%) as of Jan. 26, believing the shares were "undervalued and represented an attractive investment opportunity."

On December 15, 2017, Steel Partners also made a proposal to acquire all of the shares it doesn't already in Babcock & Wilcox for $6.00 per share in cash, representing a premium of approximately 33% over the then 30-day volume-weighted average share price.

While the company was "unwilling to engage in any meaningful discussions" regarding this proposal, Steel Partners intends to continue to communicate with BW's management and board of directors about a broad range of strategic and operational matters.

SEC Form 13D

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