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April 23, 2008

Luther King Capital Management Beats Platinum's Bid for IDG

The bid for Industrial Distribution Group, Inc., Atlanta, GA, has gone up again. This time, Luther King Capital Management has offered $12.10 per share in cash, an increase from Platinum Equity's recent bid of $11.80.
 
Platinum's bid had been made in response to WESCO Distribution's offer of $11.75. WESCO has since announced it would no longer bid for IDG.
 
LKCM presented IDG an equity financing commitment letter from an LKCM investment fund.
 
IDG's board is now recommending the LKCM offer.
 
Platinum could still come back with an increased offer; the private equity firm that also owns Strategic Distribution has until 5 p.m. ET on Friday, April 25, to match or beat the bid.
 
Luther King Capital Management is IDG's largest stockholder, with about 15% of shares.

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