Steel & Tube shares soar 21% after cheap Fletcher play knocked back

Tue, 02 Oct 2018

By Rebecca Howard Oct. 3 (BusinessDesk) - Steel & Tube Holdings shares jumped 21 percent after the board knocked back an offer from Fletcher Building. The non-binding, indicative and confidential offer for $1.70 a share "significantly undervalues" the company, the board said. The bid was a 27 percent premium to yesterday's closing price, but since the announcement, the stock has shot up 28 cents to $1.62. Lower Hutt-based Steel & Tube has been under pressure after breaching a lending covenant earlier this year when impairment charges...

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