Deal Snapshot
UPSTATE SHREDDING SUBMITS ALL CASH OFFER TO ACQUIRE FENIX PARTS
Tuesday 13 February 2018

New York, US-based scrap metal processor Upstate Shredding, LLC has submitted a non-binding offer to acquire all of the outstanding shares of common stock of US-based automotive recycling specialist Fenix Parts, Inc. (OTC: FENX) for USD 0.50 per share, the company said.
The purchase price represents an attractive all cash premium of approximately 46% over the company's closing price of USD 0.27 on February 8, 2018. Upstate Shredding, headquartered in Owego, NY, operates from 16 locations located throughout the northeast, which are collectively capable of processing over 1m tons of ferrous scrap and 200m pounds of nonferrous scrap. Upstate's metal shredding and separation operation are capable of handling all types of metal: automobiles, trucks, appliances, machines and industrial scrap.


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Details
Date Published: 13/02/2018
Target: Fenix Parts, Inc
Country: USA
Deal Size: 21m (USD)
Sector: Metals/Mining
Type: Corporate acquisition
Financing: Cash
Status: Bidding
Vendor:
Buyer: Upstate Shredding, LLC
Buyer Advisor: Olshan Frome Wolosky
Comment:


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