UPDATE 2-Romi says 38 pct of Hardinge shares tendered

* Extends offer to June 18

* Says tender results show support of shareholders
(Adds Hardinge’s response)

May 27 (BestGrowthStock) – Brazil’s Industrias Romi SA (ROMI3.SA: ),
which is trying to buy rival Hardinge Inc (HDNG.O: ), said 38
percent of Hardinge’s shares were tendered so far and it
extended its $10-a-share tender offer to June 18.

“These tender results…indicate that a large number of
shareholders want Hardinge to dismantle its aggressive takeover
defenses and negotiate a transaction,” Romi, a maker of
precision metal-cutting tools, said in a statement.

In response, Hardinge said Romi received “barely more than
half” of the number of tenders needed to meet its own minimum
condition, and tenders into a highly conditional tender offer
are not particularly meaningful.

Conditions to the offer include at least two-thirds of the
total number of Hardinge’s outstanding shares on a fully
diluted basis are validly tendered and not withdrawn, Romi

On Feb. 4, Romi offered to buy the company for $8 a share,
but Hardinge’s board recommended that its shareholders reject
the offer calling it “inadequate and opportunistic.”

Earlier this month, Romi raised its offer by 25 percent to
$10 per share, but Hardinge’s board asked shareholders to
reject that as well. [ID:nSGE64I0KI]

Stock Report

(Reporting by Divya Sharma in Bangalore; Editing by Aradhana

UPDATE 2-Romi says 38 pct of Hardinge shares tendered