Ashland, Kentucky-based ALJ Regional Holdings has announced that based on conversation with Optima Specialty Steel, Inc. regarding its efforts to secure sufficient financing to complete the acquisition of ALJ's majority-owned subsidiary, KES Acquisition Company, ALJ believes that the closing of the merger is likely to occur on Monday, January 28, 2013.
In light of this, ALJ has extended the expiration date of its offer to purchase up to 30,000,000 shares of its outstanding common stock under its previously announced modified "Dutch auction" tender offer. The tender offer is now set to expire on January 31, 2013, unless further extended. To date, 38,008,621 shares of ALJ's common stock have been tendered and deposited in the tender offer. The tender offer is conditioned upon completion of the merger, which in turn is conditioned on Optima securing sufficient financing.