Scrap metal recycler Metalico, which has locations in Western New York, delayed the release of its fourth-quarter and full-year earnings as it considers options for its future.
Metalico was set to release the earnings and hold a conference call last Friday, but postponed both of those steps until a date “to be determined,” the New Jersey-based company said in a regulatory filing.
Metalico said it is working with its investment banker and counsel to evaluate options such as additional asset sales, capital raises or a possible sale of the company. Metalico has operations in six states; its stock was trading for 54 cents per share on Monday on the American Stock Exchange.
Adam Weitsman, the owner of privately held Upstate Shredding and a major shareholder in Metalico, has made a bid to acquire the Metalico shares he does not already own. Weitsman has suggested he might attempt a hostile takeover if the Metalico board did not negotiate a deal with him. Owego-based Upstate Shredding–Ben Weitsman has 17 locations in New York state and Pennsylvania, including in Western New York.
The offer for Metalico has been estimated at $123 million, including $45 million in equity and $78 million in debt.