UPDATE: Lakeside Steel Up 300%, But Off Day Highs as Strategic Purchaser Enters Into Letter of Intent
Lakeside Steel Inc. (LS.V) is up 21 cents at 28 cents and has touched a day high 33 cents with 3.5 million shares traded (around 9 times the average trading volume for the previous 30 days) after announcing that it has executed a non-binding letter of intent with a strategic purchaser regarding an offer to acquire all of the company's common shares at $0.40 cash per common share.
The proposed offer is subject to certain conditions including the completion of due diligence by no later than January 9, 2012, the execution of a definitive agreement between the Company and the Purchaser as well as the execution of lock-up agreements with directors of the Company, Jaguar Financial Corporation (JAG.TO) and certain other significant shareholders to support the acquisition.
JAG is up 25 cents at $6.07.
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