X - North American Stainless Buys Haynes International For $970M | Benzinga
North American Stainless agreed to buy Haynes International (NASDAQ:HAYN), a manufacturer and marketer of high-performance alloys, in an all-cash deal valued at about $970 million.
The purchase price represents a 12.3x fiscal 2023 EBITDA multiple. North American Stainless will acquire all of Haynes’ outstanding shares for $61.00 per share in cash, reflecting a 22% premium to Haynes’ six-month volume-weighted average share price.
Haynes CEO Michael L. Shor said the sale is “the right step to ensure the long-term success of Haynes while maximizing value for our stockholders.”
Now Read: Endeavour Mining Resumes Operations Following Strike At Major Gold Mine
Acerinox chair Carlos Ortega Arias-Paz praised the Haynes team for building a ...