Babcock & Wilcox Confirms Receipt Of Steel Partners' Indication Of Interest

(RTTNews) - Babcock & Wilcox Enterprises, Inc. (BW) confirmed that it had received a non-binding indication of interest from Steel Partners to acquire B&W in a transaction in which B&W shareholders would receive between $3.00 and $3.50 per share in cash. Steel Partners beneficially owns 17.8 percent of B&W's outstanding common stock.

The non-binding indication of interest assumes the acquisition of all of B&W's businesses, including its MEGTEC and Universal businesses. B&W announced last year that it was exploring strategic options for those businesses.

B&W said that its board of directors will review the Steel Partners non-binding indication of interest to determine the course of action it believes to be in the best interests of the company and its stockholders.