DALLAS, May 25 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX) today announced that its Board of Directors has unanimously
concluded that WHX Corporation's (NYSE: WHX) revised tender offer is
inadequate and not in the best interests of the Company and its shareholders.
Accordingly, Global has recommended that its shareholders reject the revised
offer and not tender any shares to WHX.
Global stated that in reaching its conclusions it took into account, among
other things, the fact that the Company is in exclusive negotiations with a
third party concerning a possible sale or merger of the Company, and the
advice of its financial advisors, J.P. Morgan & Co. and Wasserstein Perella &
Co., Inc. Global's exclusive agreement, subject to certain limited
exceptions, terminates on June 4, 1999.
Global also stated that in light of the fact that WHX made its revised
offer only days before the scheduled annual meeting date, leaving shareholders
very little time to consider new developments, and given the Company's current
negotiations, it is postponing until June 7, 1999, its annual meeting of
shareholders. The meeting had been scheduled for May 28, 1999.
Global is a major manufacturer of technologically advanced industrial
products that support high-growth markets around the world. Products include
modular cells for refining nonferrous metals; premium refractories for lining
heat-containing industrial vessels such as steel furnaces; raw materials used
to make refractory products; processing and recycling equipment.
SOURCE Global Industrial Technologies, Inc.
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Related links:
http://www.prnewswire.com/gix
Company News On-Call:
http://www.prnewswire.com/comp/422169.html or fax,
800-758-5804, ext. 422169
CONTACT:
George Pasley, V. P. Communications of Global
Industrial Technologies, Inc., 214-953-4510
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