Lakeside Steel gets $77.5-million takeover offer from unnamed buyer

WELLAND, Ont. - Steel pipe and tubing maker Lakeside Steel Inc. (TSXV:LS) says it has received a $77.5-million takeover bid from an unnamed buyer.

The Welland, Ont.-based company says it has a non-binding letter of intent from the prospective buyer, but the deal won't be finalized until the unnamed company finishes its due diligence on Lakeside, which has to be completed by Jan. 9.

Lakeside makes pipes and tubing used in the oil and gas industry. It has factories in Welland, Texas and Alabama.

Due to the emergence of the bid, Lakeside says it will cancel both a loan and an associated private placement of its stock announced last month.

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