Business Services Industry
Virginia's Roanoke Electric Steel Corp. Buys Mill in West Virginia.
Knight Ridder/Tribune Business News, November, 1998 by Caliri, Lois
Knight Ridder/Tribune Business News
Nov. 11--Roanoke Electric Steel Corp., a manufacturer of steel products, said Monday it will buy Steel of West Virginia Inc., of Huntington, W.Va., for $116.7 million.
Under the sale agreement, Roanoke Electric Steel will pay $10.75 a share for each outstanding share of common stock of Steel of West Virginia, assuming the company's debts.
Steel of West Virginia's board members agreed to recommend accepting the offer to their shareholders.
Joe Crawford, vice president of Roanoke Electric Steel, said he would not comment until Steel of West Virginia shareholders have decided whether to accept the offer.
Timothy Duke, CEO and president of Steel of West Virginia, could not be reached for...
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