Bayou Steel Announces Closing of Acquisition.LAPLACE, La. -- Bayou Steel Corporation announced today that the previously announced acquisition of Bayou Steel by an entity managed by Black Diamond Capital Management, L.L.C. ("Black Diamond") had been completed. After taking into account certain adjustments at closing, including an adjustment for working capital, the total per share purchase price for the Bayou Steel shares is $78.31 in cash. Payment of the purchase price is expected to be made to Bayou Steel stockholders promptly. Bayou Steel Corporation manufactures light structural and merchant bar products in LaPlace, Louisiana LaPlace is a unincorporated community in the Greater New Orleans metropolitan area and a census-designated place in St. John the Baptist Parish, Louisiana, on the East Bank of the Mississippi River. [1] [2] The population was 27,684 at the 2000 census. and Harriman, Tennessee. The Company also operates stocking locations along the inland waterway system near Pittsburgh, Chicago, and Tulsa. About Black Diamond Capital Management, L.L.C. Black Diamond Capital Management, L.L.C. is an alternative asset management firm with in excess of $8 billion under management in a combination of private equity, hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" and structured vehicles. It was founded in 1995 by its principals, James Zenni and Stephen Deckoff. Its investors are largely comprised of leading institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , including pension funds, endowments and insurance companies. Black Diamond has offices in Lake Forest, Illinois Lake Forest is a city in Lake County, Illinois, United States. The population was 20,059 at the 2000 census. The city is south of Waukegan, Illinois, on the shore of Lake Michigan, and is a part of the Chicago metropolitan area and the North Shore. , Greenwich, Connecticut Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2000 census, the town had a total population of 61,101. It is home to many hedge funds and other financial service companies that have left Manhattan. Of the $1. , and London, England. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements in this press release regarding Bayou Steel Corporation which are not historical facts are "forward-looking statements" that involve risks and uncertainties. There can be no assurance that future results will be achieved and actual results could differ materially from forecasts and estimates. Bayou Steel does not assure the future results or outcomes of the matters described in forward-looking statements; rather, these statements merely reflect current expectations of the approximate outcomes of the matters discussed. |
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