Steel Connect reiterates proposal to acquire company for $16.50 p/s

Steel Connect which beneficially owns approximately 9.8% of the outstanding shares of DMC Global issued a public letter to the Company’s Board of Directors. The full text of the letter is below. Dear DMC Board Members, “On May 31 we made a proposal to acquire all the remaining shares of DMC that we do not already own for $16.50 in cash. Today we are reiterating that proposal which, as we previously indicated, is not subject to any financing contingency and would provide shareholders with maximum value. At the time of our initial proposal, it represented a 25% premium to DMC’s share price. …it represents an approximately 51% premium. We have consistently made clear – both publicly in the disclosure of our proposal and in private communications – our desire to engage in constructive discussions and limited confirmatory due diligence with the goal of swiftly consummating a transaction. Unfortunately, no real progress has occurred since May due to your refusal to agree to reasonable requests we have made prior to entering into a confidentiality agreement with you. Further, the Company has taken a number of other actions that we view as detrimental to shareholders, including refusing to allow us to show our support for the stock by acquiring additional shares in the open market and failing to provide any updates about the Company’s strategic alternatives process or transparency regarding the status or valuation of the put/call right for Arcadia. Shareholders deserve better.