Pharma Industry
Industry: Email Alert RSS FeedHercules reportedly in talks with private equity firms. (News).(Brief Article)
Chemical Market Reporter, April, 2003 by Chang, Joseph
BESIEGED BY AN upcoming proxy fight from dissident minority shareholder Samuel J. Heyman, Hercules Inc. has reportedly been in talks with certain private equity firms concerning a sale of the company. However, while Hercules's stock has suffered along with many others in the chemical industry, the company is unlikely to command a large premium to its current valuation, making a straight out sale to a financial buyer difficult.
"The speculation that private equity firms are taking a look at Hercules is not without foundation, but I understand that the price being suggested was not particularly attractive relative to its market price," says a source. "I don't think the talks are going to go anywhere."
With over $1.1 billion in debt and preferred...
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