27 Oct Esmark Offer Wins Over Wheeling-Pitt Shareholder Group
October 27, 2006, Associated Press, By VICKI SMITH MORGANTOWN, W.Va. (AP) - The third-largest shareholder of Wheeling Pittsburgh Corp. said Friday it will support Esmark Inc. and help elect a new board of directors that aims to pull off a hostile takeover. Tontine Management LLC and its affiliates, which control 9.5 percent of Wheeling-Pitt’s stock, sent a letter to the West Virginia steelmaker saying the latest offer from Esmark promises “the most attractive long-term economic value” for current shareholders. “Absent any changes in the facts or dynamics of the process or the current proposals, Tontine has concluded it will support the Esmark slate...