Austrian fireproof materials group Radex-Heraklith (RHI AG) said it has waived the financial condition for its US$ 13 a share offer for the US“ Global Industrial Technologies Inc. (GIX).
“In light o…
Austrian fireproof materials group Radex-Heraklith (RHI AG) said it has waived the financial condition for its US$ 13 a share offer for the US“ Global Industrial Technologies Inc. (GIX). “In light of the fact that RHI has successfully made its financing arrangements, RHI has determined to waive the financing condition,” it said in a statement. This means that the offer for all the remaining shares in GIT is irrevocable as long as RHI gains a majority of GIT“s shares. RHI had acceptances for 38%. The company will finance about half of the Sch 3.9 billion takeover through a three-for-seven rights issue which took place in early October. The rest will be financed through debt, to be partially repaid from the sale of non-core assets at GIT. The acquisition of GIT will give RHI control of Harbison-Walker, the largest supplier of refractory goods in the US, bringing RHI“s global market share to over 20%. Recently, RHI extended the offer to 15 November from 26 October to complete the divestment of some refractory manufacturing assets to comply with the Federal Trade Commission requirements for antitrust approval.