Just when it seemed the story of Global Industrial Technologies, Inc. had exhausted every possible twist, new ones pop into view. After finally securing a $13-per-share, or $530 million, takeout, including debt assumption, Global still awaits a definitive nod on the deal financing. Its acquiror RHI AG has until this Friday, July 30, to waive the financing condition in writing, or pay Global $5 million, according to the tender offer document. And, if RHI does not fulfill that obligation, in addition to receiving the $5 million, Global will have the right to terminate the agreement unless RHI informs Global before this Friday that it will extend the drop-dead date on the deal to Oct. 31. Vienna-based RHI began its tender for Dallas-based Global on July 16.
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