Bliss & Laughlin Industries Inc. said Thursday it again agreed to be acquired by BRW Steel Corp., after BRW raised its offer to about $37.7 million, or $9.50 a share in cash.
In September, Bliss & Laughlin had agreed to be acquired by BRW for about $30.8 million, or $7.75 a share. It later received a higher cash offer of about $32.7 million, or $8.25 a share, from International Metals Acquisition Corp., of New York.
Bliss & Laughlin, a Harvey-based maker of steel bars, said the transaction is expected to close in December.
BRW, a Johnstown, Pa.-based maker of steel bars, is controlled by Veritas Capital Inc., a New York-based investment bank.
Also Thursday, Bliss & Laughlin said it is in talks with certain members of its management who are shareholders in the company, and with Stelco Inc., to try to settle a lawsuit.
Stelco, a Canadian steel producer, is suing the company because it says it has the right of first refusal to acquire Bliss & Laughlin shares.
