Fletcher to continue Steel & Tube pursuit

Wed, 03 Oct 2018

By Rebecca Howard Oct. 3 (BusinessDesk) - Fletcher Building is coy on whether it will raise its $284 million bid for Steel & Tube Holdings, saying shareholders holding more than 20 percent of the fabricator and distributor want the offer formally on the table. Steel & Tube shares shot up 21 percent after the board knocked back the non-binding, indicative and confidential offer from Fletcher Building, stating it "significantly undervalues" the company. They last traded at $1.56, up 16 percent, though still below the $1.70 put forward by t...

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