GrafTech To Be Acquired By Brookfield In a Deal Valued At About $695.3 Million

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GrafTech International announced an agreement on Monday to be acquired by Brookfield Asset Management Inc. in a deal that would value the graphite material company at about $695.3 million, according to data provided by FactSet. As part of the agreement, Brookfield is offering to pay $5.05 for each GrafTech share outstanding, which is 2% above Friday's closing price. Brookfield's tender offer for GrafTech shares will commence no later than May 26, and expire at 12 midnight Eastern on July 7. GrafTech's stock, which was still inactive in premarket trade, has run up 21% over the past two month. On April 30, it jumped 12% after the company announced the potential sale of $150 million of convertible preferred shares to an affiliate of Brookfield.

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