Maxim Crane Works Holdings last week said it has amended the terms of its traditional “Dutch auction” tender offer initiated June 4, by increasing the bottom and top of the price range in the offer by $3. As amended, Maxim will buy up to 2.5 million shares of its common stock at between $48.75 and $54 per share. It has extended the expiration date to July 20.
Maxim also announced that June 29 it entered into a $390 million senior secured credit agreement with Bank of America as administrative agent, collateral agent, swing line lender and L/C issuer.
The number of shares proposed to be purchased in the tender offer represents about 24.5 percent of the company’s outstanding shares.
Pittsburgh-based Maxim Crane Works is No. 7 on the RER 100.