Royal Laser receives unsolicited takeover bid

TORONTO (Reuters) - Royal Laser Corp , which makes and distributes flat-rolled steel to auto manufacturers, said on Tuesday that it has received an unsolicited bid to acquire all its outstanding common shares.

The Toronto-based company did not name the bidder or the value of the offer in a release and representatives were not immediately available for comment.

Last year, Canadian merchant bank Jaguar Financial Corp made an all cash offer to buy up to about 31.6 million of Royal Laser's common shares at 80 Canadian cents each. However, Jaguar said that several conditions of its bid were not satisfied and the offer expired in December.

Jaguar would not confirm or deny that it is behind the current bid for Royal Laser. The merchant bank is currently the company's biggest stakeholder, with about 18.4 percent of its shares.

Royal Laser said it has formed a special committee to consider the offer with a view to maximizing value for its shareholders.

It said on Friday, when it reported its second-quarter fiscal results, that it has about 97 million shares outstanding.

Shares of Royal Laser were halted on the Toronto Stock Exchange on Tuesday morning. They ended the day on Monday at 23 Canadian cents.

Royal Laser also sells to the automotive after-market and custom fabricates products for the industrial, environmental, and construction industries in Canada, the United States and Mexico.

(Reporting by John McCrank; editing by Rob Wilson)