Markets

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos