Chicago Tribune reported that a group of minority shareholders in Chicago based Central Steel & Wire Co said that they want out of the steel business and are frustrated by the company's refusal to consider a lucrative offer for the company.

Central Steel & Wire's board has refused to meet with several steel companies that have expressed interest in the company and are turning down a USD 265 million cash offer from Canada based Samuel Son & Co, financial adviser to investors that hold a 12% stake in the company. The USD 265 million is a 58% premium over the company's market cap of USD 168 million.

Mr Edelman argues in correspondence that the multiple hats of those directors represent an inherent conflict of interest. Michael Cronin, chairman and CEO of Central Steel and Wire, could not be reached for comment. A spokesman for Samuel, Son & Co declined to comment.

(Sourced from Chicago Tribune)