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Metal Recycling News February 16, 2018 12:30:56 PM

UPDATE- Fenix Parts Confirms Receipt of Non-Binding Purchase Offer from Upstate Shredding

Paul Ploumis
ScrapMonster Author
The company press release stated that its Board of Directors would pursue the offer with its financial and legal advisors.
UPDATE- Fenix Parts Confirms Receipt of Non-Binding Purchase Offer from Upstate Shredding

SEATTLE (Scrap Monster):  The Westchester, Illinois-based auto recycler, Fenix Parts, Inc. has confirmed that it has received an unsolicited, non-binding offer from Upstate Shredding, LLC.- the US East Coast’s largest privately owned scrap metal processor, towards all-cash purchase of all its outstanding shares.

The company press release stated that its Board of Directors would pursue the offer with its financial and legal advisors. A decision will be taken at appropriate time in the best interests of the company and its shareholders. The company does not intend to provide any further update on the offer until it deems appropriate. Further, it cautioned its shareholders not to assume that the above offer by Upstate Shredding will be completed.

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