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Article: Virginia's Roanoke Electric Steel Corp. Buys Mill in West Virginia.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 12, 1998
- Author:
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Nov. 11--Roanoke Electric Steel Corp., a manufacturer of steel products, said Monday it will buy Steel of West Virginia Inc., of Huntington, W.Va., for $116.7 million.
Under the sale agreement, Roanoke Electric Steel will pay $10.75 a share for each outstanding share of common stock of Steel of West Virginia, assuming the company's debts.
Steel of West Virginia's board members agreed to recommend accepting the offer to their shareholders.
Joe Crawford, vice president of Roanoke Electric Steel, said he would not comment until Steel of West Virginia shareholders have decided whether to accept the ...