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Multiple reports are circulating that Babcock & Wilcox Enterprises Inc. has received acquisition interest from Steel Partners, which is already the largest shareholder of the energy and environmental technologies company, holding 17.8 percent of B&W's outstanding common stock.

The transaction would reportedly generate between $3 and $3.50 per share in cash for B&W shareholders. Marketwatch said Wednesday that shares of B&W climbed 16 percent in premarket trading. It added that the sale at the reported share price would give B&W a market capitalization of between $505.9 million to $590.2 million.

The non-binding indication of interest assumes the acquisition of all of B&W's businesses, including its MEGTEC and Universal businesses. B&W’S board of directors are said to be reviewing the Steel Partners non-binding indication of interest to determine the course of action it believes to be in the best interests of the company and its stockholders.