Acerinox's subsidiary to acquire Haynes International for $970 million [Seeking Alpha]
ACERINOX SA UNSP/ADR (ANIOY)
NASDAQ:AMEX Investor Relations:
acerinox.com/en/accionistas-inversores
Company Research
Source: Seeking Alpha
deal that values Haynes at an enterprise value of approximately $970 million, representing a multiple of 12.3x fiscal 2023 EBITDA. Per the deal terms, Haynes stockholders will receive $61.00 per share in cash, delivering significant and immediate value This offer represents a significant 22% increase to Haynes' six-month volume-weighted average share price for the period ending February 2, 2024. Based in Madrid, Spain, Acerinox is a dominant force in the global manufacturing of stainless steel and high-performance alloys, and its subsidiary, North American Stainless, is the largest fully integrated stainless steel company in the U.S. In addition, Acerinox has committed to investing an additional $200 million into its U.S. operations as part of this deal, with $170 million specifically allocated to Haynes' operations. Acerinox plans to finance a transaction using existing cash, including Haynes's debt absorption and $172 million adjustments. The pro-forma debt is expected to
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- Haynes International to be acquired for $970M [Yahoo! Finance]Yahoo! Finance