TORONTO - Flat-rolled steel processor Royal Laser Corp. (TSX:RLC) said Tuesday it has received a non-binding takeover offer from an undisclosed buyer that values the company at about $40 million or 41 cents per share.
Royal Laser, which had initially received a similar non-binding offer from the same bidder last November, said the offer is contingent upon the separate sale of "non-core" assets, including the Royal Laser Manufacturing, WAM Industries, Smokey Manufacturing, Thunder Tool and Envyrozone divisions.
The company also said it is in discussions with other potential bidders for the company. So far, none of those have resulted in any definitive agreement.
Royal Laser services, processes and distributes flat-rolled steel targeted at the automotive OEM, automotive aftermarket sectors. It also custom fabricates products for the industrial, environmental, automotive and construction industries in Canada, the United States and Mexico.
Trading in the company's shares was halted Tuesday on the Toronto Stock Exchange. Before the halt, they were up 2.5 cents at 40 cents.