Welland, Ontario-based pipe manufacturer Lakeside Steel announced Tuesday that it will be extending the date of completion of due diligence for the previously announced takeover from January 9, 2012 to January 19, 2012. As SteelOrbis previously reported, Lakeside Steel received a takeover offer from an unnamed buyer, with which it entered into a non-binding letter of intent, on December 20, 2011.
By this time the "strategic purchaser" will have to execute a definitive transaction agreement between the company and the purchaser as well as the execution of support agreements with directors of the company and certain significant shareholders. Lakeside Steel also announced that the original purchasing offer of $0.40 per common share has changed to $0.30 per common share, cutting the original deal by 25 percent.