The Hallwood Group Incorporated, based in Delaware, announced that it received a proposal from Hallwood Financial Limited, a company domiciled in the British Virgin Islands, to acquire all of the outstanding shares of common stock of the Group, not beneficially owned by Hallwood Financial, at US$10.00 per share.
Hallwood Financial Limited owns 65.7% of the outstanding shares of the Hallwood Group Incorporated, and is controlled by the company’s Chief Executive Officer.
A special committee, consisting of Hallwood Group’s independent directors, was formed to consider and negotiate the proposal and to make a recommendation to the full Board of Directors. The special committee is empowered to retain its own independent legal and financial advisors to assist in its review and negotiation of the proposed transaction.
