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Name | Symbol | Market | Type |
---|---|---|---|
Sumitomo Corp (PK) | USOTC:SSUMY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.12 | -0.47% | 25.49 | 24.98 | 25.97 | 26.00 | 25.215 | 25.215 | 99,460 | 18:04:03 |
Sumitomo Corp. (8053.TO, SSUMY) agreed to buy Edgen Group Inc. (EDG), expanding the Japanese trading house's distribution presence in oil and gas markets.
The deal, which is expected to close before the end of the year, is worth $12 for each Edgen share, a 58% premium over Monday's close. Edgen launched an initial public offering in April 2012, pricing at $11, below its expected $14-to-$16 range, and closed down 14% on its first day of trading. It has traded below the $9 mark for most of the time since.
Edgen, based in a Baton Rouge, La., distributes specialty products to the energy and infrastructure markets, including steel pipe, valves, quenched and tempered and high yield plate, and related components such as fittings, flanges and connectors.
The company has two commercial brands, Edgen Murray and Bourland & Leverich, and had total sales of $2.06 billion in 2012 with 660 employees and operations in over 35 locations in 18 countries.
Edgen Murray is a global distributor of specialized steel products in the upstream, midstream and downstream end-markets for oil and natural gas. Bourland & Leverich is a U.S. domestic oil country tubular goods distributor serving conventional and unconventional oil and natural gas exploration, including most recently the development of the shale industry.
Dan O'Leary, chief executive of Edgen, will continue to lead its strategic growth initiatives.
Edgen shares closed Monday at $7.60 and were inactive premarket. The stock is up 7.7% so far this year.
Write to Ben Fox Rubin at ben.rubin@wsj.com
Copyright (c) 2013 Dow Jones & Company, Inc.
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