The closing price of the units on April 6 was $40.54, Steel Partners said. The offer will start on April 7 and expire on May 6.
The company said it will select a single price per unit within a range based on the number of units tendered and the prices specified by the tendering unitholders. All units will be bought at the same price per unit even if a unitholder tendered at a lower price, it said.
Steel Partners said it had 20,715,251 units outstanding as of April 7. At the maximum price of $42 per unit, it could buy 2,380,952 common units if the offer is fully subscribed. At the minimum price of $40 per unit, it could buy 2 million units if the offer is fully subscribed.
Steel Partners said it plans to fund the offer with cash and borrowings under its credit facility.
Price: 40.35, Change: +0.36, Percent Change: +0.9
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