UPDATE: Lakeside Down 36% as Provides Update on Non-Binding Transaction Proposal; Offer Price Brought Down
Lakeside Steel Inc. (LS.V) is down 36% a day low 17.5 cents with nearly 4 million shares traded after today saying the previously announced period in which the company has agreed to negotiate exclusively with the potential purchaser regarding an acquisition has been extended for 10 days to allow the potential strategic purchaser to complete its due diligence and finalize definitive transaction agreements with the company.
The potential purchaser's proposed price at which it would offer to acquire all of Lakeside Steel's common shares has been amended to $0.30 per share from the previously disclosed $0.40 per share. The proposed acquisition remains subject to certain conditions including the completion of due diligence by no later than January 19, 2012.
Lakeside's Board of Directors has appointed a special committee of independent directors to review the proposed offer.
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