U.S. News

Industrias Romi raises offer for Hardinge

Brazilian machine tool maker Industrias Romi SA on Monday raised its offer for Hardinge Inc. to $10 per share, saying the bid represents its final offer for the metal-cutting equipment maker.

Elmira, N.Y.-based Hardinge quickly acknowledged the offer and said it will make a recommendation to shareholders within 10 business days.

Shares of Hardinge jumped 49 cents, or 5.4 percent, to $9.60 in afternoon trading.

The offer reflects the latest bid by Industrias Romi for Hardinge. Last month, Hardinge rebuffed Industrias Romi's $8-per-share offer, saying it underpriced the company.

Industrias Romi now hopes the new offer, which represents a premium of 9.8 percent over Hardinge stock's closing price Friday, will be more successful. The Brazilian company said its latest offer represents the "most attractive strategic alternative available to Hardinge's board and its shareholders, including continuing as a standalone company."

Last week, Hardinge posted a narrower first-quarter loss of $5.2 million on net sales of $43.2 million.