Exhibit (a)(5)(xxiii)
PRESS RELEASE
FOR IMMEDIATE RELEASE:
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WHX CORPORATION ANNOUNCES SUCCESSFUL COMPLETION OF TENDER OFFER FOR
BAIRNCO CORPORATION
RYE, NY - APRIL 16, 2007 -- WHX Corporation (Pink Sheets: WXCP.PK; "WHX")
announced today that it has successfully completed its cash tender offer to
purchase up to all of the outstanding shares of Bairnco Corporation (NYSE:BZ;
"Bairnco") for $13.50 per share. The tender offer expired, as scheduled, at 5:00
p.m., New York City time, on Friday, April 13, 2007. Approximately 88.9% of the
outstanding Bairnco shares were tendered in response to the $13.50 per share
cash tender offer.
Based upon a preliminary tally by American Stock Transfer & Trust Company,
the depositary for the offer, a total of 6,600,989 shares of Bairnco common
stock were validly tendered in the offer and not withdrawn (including 14,377
shares tendered pursuant to guaranteed delivery procedures). WHX has accepted
for purchase all Bairnco shares validly tendered in the offer and not withdrawn.
Payment for the tendered shares, at the offer price of $13.50 per share, net to
the seller in cash and without interest, will be made promptly.
As promptly as practicable, WHX intends to take all action within its
control to effect a merger of BZ Acquisition Corp., the acquisition subsidiary
for the tender offer, with Bairnco in which each share of Bairnco common stock
that remains outstanding (other than shares owned by WHX or BZ Acquisition
Corp., shares owned by Bairnco as treasury stock and shares held by stockholders
who properly exercise their appraisal rights) will automatically be converted
into the right to receive the same $13.50 per share cash consideration paid in
the tender offer.
For additional information:
Daniel Sullivan and Bob Sandhu
MacKenzie Partners, Inc.
(212) 929-5500
