Brazil’s Romi Offers to Buy Hardinge

Brazilian tool manufacturing company Industrias Romi says it has offered to acquire New York state based Hardinge for $8 per share in cash, or about $93m. Romi had made the same unsolicited offer December 14, but was rejected. It says the offer represents a 63% premium to Hardinge’s share price at that date. On February 5, Hardinge’s shares closed at $8.07. Hardinge says its board will evaluate the proposal with financial advisor Jefferies & Co. and legal advisor Wachtell, Lipton, Rosen & Katz. Romi’s financial advisor is HSBC Securities and Shearman & Sterling is its legal counsel.