Paul Mueller Co. makes tender offer

The company’s stock (OTC: MUEL.PK) closed at $34 Aug. 1, up from $31.90 July 27, the day before the offer was announced.

The offer, which expires at 5 p.m. Sept. 14, is available to shareholders who own less than 100 shares.

“It’s a cost-reduction effort, because we’ve got to pay to have the accounts of our shareholders maintained – from sending our earnings releases to annual reports,” said Donald Golick, executive vice president and chief financial officer of Paul Mueller Co.

The company’s board of directors approved the offer at its July 28 meeting, where it also approved the declaration of a cash dividend of 60 cents per share on its outstanding common stock. The dividend is payable on Sept. 9 to shareholders who purchased stock before Aug. 15.

Paul Mueller Co. has headquarters in Springfield and designs and manufactures stainless steel equipment.