(Reuters) -United States Metal mentioned on Sunday it’s initiating a proper evaluation to judge strategic options for the metal producer after receiving a number of unsolicited bids for half or all of its enterprise.
The evaluation was begun after the metal producer obtained “a number of unsolicited proposals that ranged from the acquisition of sure manufacturing belongings to consideration for the entire firm,” CEO David Burritt mentioned in an announcement, with out disclosing particulars in regards to the strategic options.
Barclays Capital and Goldman Sachs are serving as monetary advisors to U.S. Metal, whereas Milbank LLP and Wachtell, Lipton, Rosen & Katz are performing as authorized advisors, the metal producer mentioned.
U.S. Metal, which has been elevating costs to offset the affect from increased prices associated to uncooked supplies and vitality, has seen robust demand for its metal merchandise, serving to the corporate beat revenue estimates for the second quarter.
U.S. Metal additionally expects to finish about $75 million of repurchases of frequent inventory within the second quarter below its current $500 million inventory buyback authorization.
(Reporting by Akanksha Khushi in Bengaluru; Enhancing by Lisa Shumaker and Paul Simao)