Shawcor Rises After Saying It Will Consider Buyers: Dallas Mover
Shawcor Ltd. (SCL/A), which provides coatings and other services to the pipeline industry, rose the most in its history after announcing yesterday it is considering selling itself with the support of its controlling shareholder.
The shares gained 20 percent to C$42.20 at the close in Toronto after earlier climbing to C$44.50, the biggest intraday increase since they began trading in November 1988.
Chairman Virginia Shaw told the board she is prepared to sell her shares as part of a sale of the company, the Toronto- based company said in a statement yesterday. Shaw is the controlling shareholder through a holding company, Shawcor said.
The board has formed a committee to consider a sale and other alternatives, according to the statement. No buyers have been identified. Shawcor has hired Credit Suisse Group AG as a financial adviser.
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