08:28 AM EST, 02/12/2025 (MT Newswires) -- DMC Global ( BOOM ) said Wednesday it rejected Steel Connect's non-binding proposal to buy all remaining shares of DMC for $10.18 per share in cash.

After careful review and deliberation, the company said its board concluded that the offer undervalues DMC's business and its potential to drive future risk-adjusted value for all stockholders.

"From the time of its initial proposal to acquire the Company for $16.50 per share, to the delivery of its latest proposal for $10.18 per share, Steel Connect has repeatedly demonstrated it is not serious about engaging in good faith with DMC", DMC Global ( BOOM ) said.