Slater Steel received a better offer for Sorel Forge

Slater Steel received a better offer for Sorel Forge

Recent news in the market reports that, Slater Steel has received a better offer from A. Finkl & Sons Co. for the sale of its subsidiary Sorel Forge. As previously reported by SteelOrbis, Slater Steel was seeking a buyer for Sorel Forge. In line with the issue, the company reached an agreement with Tricap Restructuring Fund however as Finkl's offer is better than the Fund's, Slater Steel is now evaluating the offer of Finkl's. Slater Steel is to announce its decision about the offer by latest March 2, 2004. Of course, the offer is also subject to approval of Ontario Superior Court of Justice. On the condition that Slater accepts the offer of Finkl, it has to pay $1.2 million to Tricap Restructuring Fund as a result of terminating the agreement.