In a statement, B&W said the nonbinding "indication of interest" proposes to buy the company for somewhere between US$3 to US$3.50 per outstanding share, or about US$485 million.

Steel Partners, a holding company with a portfolio of business in a variety of industries, already owns 17.8% of B&W’s outstanding shares.

B&W said its board will review the offer to "to determine the course of action it believes to be in the best interests of B&W and its stockholders."

According to the Charlotte (North Carolina) Business Journal, Steel Partners had offered to buy the business for what amounted to US$250 million last year, but B&W didn’t bite on the proposal.