Two More Bidders for Industrial Distribution Group - Modern Distribution Management

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Two More Bidders for Industrial Distribution Group

Industrial Distribution Group, Atlanta, GA, has two more suitors.
 
The company announced today that private equity firm Luther King Capital Management Corp., Fort Worth, TX, has made a competing bid for the distributor for $11.70 per share. The proposal represents a 13.6% premium to the $10.30 per share cash offer (or $113 million) made by Platinum Equity and accepted by IDG.

In a letter to Richard Seigel, chairman of the IDG board of directors, the firm said it currently owned 14.9% of IDG stock.
 
Another company -a strategic buyer known as Bidder D in IDG’s news release -has offered $11 per share. That company had participated in the original bidding phase after IDG announced it would consider being sold. IDG would not identify Bidder …

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Industrial Distribution Group, Atlanta, GA, has two more suitors.
 
The company announced today that private equity firm Luther King Capital Management Corp., Fort Worth, TX, has made a competing bid for the distributor for $11.70 per share. The proposal represents a 13.6% premium to the $10.30 per share cash offer (or $113 million) made by Platinum Equity and accepted by IDG.

In a letter to Richard Seigel, chairman of the IDG board of directors, the firm said it currently owned 14.9% of IDG stock.
 
Another company -a strategic buyer known as Bidder D in IDG’s news release -has offered $11 per share. That company had participated in the original bidding phase after IDG announced it would consider being sold. IDG would not identify Bidder …

To access this page, you must purchase MDM Premium Subscription, MDM Premium Subscription – Monthly or MDM Premium Subscription – Annually.

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