ELMIRA, N.Y., May 10, 2010 (BUSINESS WIRE) -- Hardinge Inc. (NASDAQ: HDNG) ("Hardinge") today confirmed that it received from Industrias Romi S.A.
(Bovespa: ROMI3) ("Romi") a tender offer to acquire all of the outstanding shares of Hardinge for $10.00 per share in cash. Hardinge recommends that its shareholders take no action at this time in response to Romi's offer.
Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, the Board will review Romi's $10.00 per share in cash tender offer and make a recommendation to shareholders within 10 business days. The Company will send to its shareholders a solicitation/recommendation statement describing the reasons for the Board's position and recommendation.
Shareholders are urged to read the solicitation/recommendation statement when it becomes available because it will contain important information.
Jefferies & Company, Inc. is acting as financial advisor to Hardinge and Wachtell, Lipton, Rosen & Katz is providing legal advice. Questions and requests for assistance regarding the tender offer may be directed to Hardinge's Information Agent, Okapi Partners LLC, toll-free at (877) 279-2311.
About Hardinge Inc.
Hardinge is a global designer, manufacturer and distributor of machine tools, specializing in SUPER PRECISION(TM) and precision CNC Lathes, high performance Machining Centers, high-end cylindrical and jig Grinding Machines, and technologically advanced Workholding & Rotary Products. The Company's products are distributed to most of the industrialized markets around the world with approximately 70% of the 2009 sales outside of North America. Hardinge has a very diverse international customer base and serves a wide variety of end-user markets. This customer base includes metalworking manufacturers which make parts for a variety of industries, as well as a wide range of end users in the aerospace, agricultural, transportation, basic consumer goods, communications and electronics, construction, defense, energy, pharmaceutical and medical equipment, and recreation industries, among others. The Company has manufacturing operations in the United States, Switzerland, Taiwan, and China.
Hardinge's common stock trades on NASDAQ Global Select Market under the symbol, "HDNG." For more information, please visit http://www.hardinge.com.
SOURCE: Hardinge Inc.
CONTACT: Investors: Hardinge Inc Ed Gaio, 607-378-4207 VP & Chief Financial Officer or Okapi Partners Bruce H. Goldfarb / Patrick McHugh 212-297-0720 or 877-279-2311 or Media: Sard Verbinnen & Co Denise DesChenes / Nat Garnick 212-687-8080 Copyright Business Wire 2010 -0- KEYWORD: United States
New York INDUSTRY KEYWORD: Manufacturing