General Cable announces 'strategic review' that could lead to sale
July 16 (Reuters) - Cable manufacturer General Cable Corp announced on Sunday a review of strategic alternatives that could include a potential sale of the company.
The company said in a release it had initiated the review to "maximize shareholder value," and that there was no assurance it would result in any transaction.
It added it would not reveal details of developments related to its review "unless and until its board has approved a specific transaction or otherwise determined that further disclosure is appropriate."
The company has retained J.P. Morgan Securities LLC as its financial adviser and Sullivan & Cromwell LLP as legal adviser.
General Cable also announced preliminary financial results for the second quarter. The company expects to report revenues of about $923 million for North America, Europe and Latin America. It also expects to report reported operating loss and adjusted operating income for the second quarter of approximately $23 million and $32 million, respectively. (Reporting by Dion Rabouin in New York; Editing by Peter Cooney)
