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US: Edgen’s $1.2B buyout is no pipe dream

By  |  October 17, 2013

Pipe manufacturer Edgen Group announced Tuesday it has signed a preliminary agreement to acquire Sumitomo Corp of America Inc. in a $1.2 billion deal, say reports.

The buyout will not go to a shareholder vote as the consent notice, which was filed with the Securities and Exchange Commission, noted that the merger already had majority approval.

Since July, Sumitomo Corp of America, the subsidiary of Japan-based Sumitomo Corp, reportedly received interest from four potential bidders for the company, though two dropped out and the other two decided not to pursue the acquisition.

The companies said they plan to finalize the deal by the end of the year following regulatory approval.

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