Steel & Tube Holdings’ stock value has fallen by 2.01% today.
Steel & Tube is a New Zealand supplier and distributor of steel products and services.
At the time of writing, Steel & Tube has a market capitalisation of $242.36 million, and the share price is $1.46.
Why did [NZX:STU] share price decrease today?
This morning Steel & Tube sent a letter notifying shareholders that Fletcher Building was withdrawing its offer to buy the company.
Further to this, Milford Asset Management has disclosed their sale of all their Steel & Tube shares today.
What’s next for the Steel & Tube share price?
The Steel & Tube share price is down -21.11% in the last 52 weeks. The fall today adds to the downward trend in the share price.
If there is another offer from Fletcher Building in the future, we may see the share price go up. But considering they withdrew their latest offer, this may be unlikely. In which case it is possible the share price may continue in decline.
Regards,
Taylor Kee,
Editor, Money Morning New Zealand