Royal Laser Gets Offers Amounting Up to $30 Million
Royal Laser now finds itself in the middle of making huge decisions regarding which offer to grab and turn down with what looks to be a $30 million deal.
Recent reports in Toronto indicate that renowned steel processor Royal Laser Corp. (RLC) gets more than 20% of increase in terms of sales this past Tuesday after they accepted an unexpected takeover offer from an anonymous company.
This unsolicited offer helped boost the share price up from 5.5 cents (or 22%) to 28 cents as it paired with a Royal Laser Corp executive’s second bid for non-core assets from the company, the Toronto Stock Exchange informs us.
As of the present time, the RLC Company still did not reveal the identity of the company that gave them help. However, it has been noted that the non-binding offer for the company’s share will be subject to several conditions such as due diligence and even the sale of non-core assets of Royal Laser, consisting of Royal Laser Manufacturing, Smokey Manufacturing, WAM Industries, Envyrozone and Thunder Tool.
What this means is that Venture Steel, Royal Laser Corp’s steel processing business, will be left out in terms of the offers non-core assets at an estimated 31 cents per share or equivalent to $30 million.
As if that was not enough, RLC also have been given another offer, this rime from Bill Iannaci - Royal Laser Corp’s co-chief executive officer. The deal leads to the acquisition of roughly $8 million of non-core assets as well. As a result of the deal, it has been agreed upon that Iannaci will be required to pay $1.1 million of cash and then assume an equivalent amount of $6.9 million for the liabilities of the mentioned assets.
Royal Laser has presently appointed a special committee that will help evaluate the two offers and eventually make final recommendations.
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