Hallwood Financial Limited, a private company incorporated in 2008 in the British Virgin Islands and wholly owned by a Jersey-based Hallwood Trust, announced that it has advised the board of directors of Hallwood Group Incorporate about its intention to offer to acquire all of its outstanding publicly held shares.
BVI-registered Hallwood Financial, which currently owns 65.7% of the common stock of the Delaware-based Hallwood Group Incorporated, has intention to offer to acquire the balance of its common stock at $12.00 per share in cash. The aggregate consideration for the company's outstanding shares not held by the BVI company would be approximately $6.3 million.
Hallwood Financial intends to proceed with its offer as quickly as possible, but the exact structure and timing of the offer are not determined.
Currently, the principal business focus of Hallwood Financial is investing in marketable securities in the United States and the United Kingdom.
