Metal Management and European Metal Recycling move closer to deal.
Metal Management, Inc. has entered into a confidentiality and standstill agreement with European Metal Recycling Ltd. (To read the SEC filing click here)
Pursuant to the Agreement, the company will make available to EMR certain non-public information regarding the company and its operations. Under the standstill provision, EMR has agreed, subject to certain exceptions, that until June 15, 2004 it will not acquire any additional shares of the company's stock or otherwise seek control of Metal Management without the prior approval of the company's board of directors.
The agreement with EMR is not exclusive, and the company may enter into similar agreements with other parties. There can be no guarantee, however, that the company will consummate a business combination or other similar transaction with EMR or any other party.
In a letter by Metal Management addressed to EMR, Metal Management said, “In connection with your consideration of a possible mutually agreeable business combination transaction with Metal Management, Inc., the company is prepared to make available to you certain information concerning the business, financial condition, operations, assets and liabilities of the company to enable you to evaluate a possible transaction.”