Metals and specialty chemicals manufacturer Synalloy Corp. rejected Privet Fund Management LLC's unsolicited takeover offer for the second time.

Privet, which owns a 14.46% stake in Synalloy, offered to acquire the remaining interest for US$20 per share, according to a May 29 release.

Synalloy said Privet's most recent offer was unchanged, and it can either negotiate with the executive committee to determine an acceptable price or tender for the shares and let the shareholders vote directly.

Synalloy's board unanimously rejected the first offer in late April, saying it undervalued the company's recent performance and near-term potential.

"This back and forth letter writing about an inadequate US$20 per share offer is distracting and counter to our goal of building shareholder value," Synalloy President and CEO Craig Bram said.