Steel Connect reiterates $16.50/share buyout offer for DMC Global

DMC Global (NASDAQ:BOOM) +9.3% pre-market Monday after Steel Connect reiterates its interest in a potential acquisition of DMC and calls on the company to engage in comprehensive due diligence.

Steel Connect, which owns 9.9% of DMC Global (BOOM) shares, said it still wants to acquire the company at its previous offer of $16.50/share, which would more than double the stock's $7.31 closing price on Friday.

Steel Connect also said it remains interested in acquiring DynaEnergetics and NobelClad for $185M-$200M and now proposes to simplify its bid by providing that consideration would be fully in cash.

The group also reiterated a previous proposal to purchase preferred stock from DMC Global (BOOM) "so that it may acquire the remaining 40% portion of the Arcadia business and remove the overhang of the put/call obligation."

Steel Connect said it is "troubled by the company's continued destruction of stockholder value, disappointing financial results, failed succession planning and seemingly stalled strategic review process."