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[August 2007]
Oglebay Norton Urges 'No Action' in Respect of Harbinger Offer
Oglebay Norton Company (Cleveland, OH, USA) has announced that Trident Acquisition Co LLC, a jointly-owned subsidiary of Harbinger Capital Partners Master Fund I Ltd and Harbinger Capital Partners Special Situations Fund LP has delivered to the company a copy of a Form 041, which Harbinger indicated it filed with the Ohio Division of Securities regarding its unsolicited tender offer to acquire all of the outstanding shares of Oglebay Norton's common stock at $31.00 per share. Oglebay Norton has urged all shareholders to take no action at this time with respect to Harbinger's unsolicited tender offer.The Board of Directors of Oglebay Norton, in consultation with independent legal and financial advisors, is in the process of carefully reviewing and evaluating Harbinger's unsolicited tender offer and will advise Oglebay Norton shareholders of the Board's position regarding the offer, including its reasons for that position. Oglebay Norton recommended that shareholders defer making any determination with respect to Harbinger's unsolicited tender offer until reading the Board's solicitation/recommendation statement.
As previously announced on 24 July 2007, Oglebay Norton's Board has formed a special committee of independent directors to explore strategic alternatives to maximise shareholder value, including a possible sale or merger of the company. The company noted that there can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions.
www.oglebaynorton.com
ENDS