By Simon Hartley on Sat, 18 Jul 2015
News: Business
Steel & tube has completed its second acquisition in a year, buying New Zealand fastener maker Manufacturing Suppliers for $32million in a mix of cash and scrip.The $32million acquisition, $26million in cash and $6million in Steel & Tube (STU) shares, is conditional on normal due diligence.
STU expects the purchase to go ahead in about six weeks.
Shares in STU had slid from a late-February year-high of $3.11 to $2.64 this week, but gained almost 5% yesterday, trading around $2.77, following the acquisition announcement. (…)
