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Atlanta, GA-based Industrial Distribution Group, Inc., will move forward with a plan to be acquired by Luther King Capital Management, accepting the private equity firm's $12.10 per share offer -close to $136 million. Platinum Equity notified IDG that it will not match or beat LKCM's bid.
LKCM said it would reimburse IDG for the 3% break-up fee required when IDG breaks the Platinum merger agreement.
We are very excited about this transaction with Luther King Capital Management, which we believe provides excellent value to our stockholders," said Richard M. Seigel, IDG's Chairman of the Board. "We believe that this transaction with our largest stockholder is a great fit for both IDG and Luther King Capital Management."
LKCM already owned 15% of IDG's ...
Atlanta, GA-based Industrial Distribution Group, Inc., will move forward with a plan to be acquired by Luther King Capital Management, accepting the private equity firm's $12.10 per share offer -close to $136 million. Platinum Equity notified IDG that it will not match or beat LKCM's bid.
LKCM said it would reimburse IDG for the 3% break-up fee required when IDG breaks the Platinum merger agreement.
We are very excited about this transaction with Luther King Capital Management, which we believe provides excellent value to our stockholders," said Richard M. Seigel, IDG's Chairman of the Board. "We believe that this transaction with our largest stockholder is a great fit for both IDG and Luther King Capital Management."
LKCM already owned 15% of IDG's shares. This transaction will take the industrial distributor private.
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