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Building materials distributor BlueLinx Holdings Inc., Atlanta, GA, (NYSE: BXC) announced it has formed a special committee to evaluate a recent takeover offer from Cerberus, ABP Investor LLC. The offer was for $3.40 a share.
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According to Home Channel News, Cerberus owns 55 percent of BlueLinx's stock already. The same report from Home Channel News says that lawyers are "lining up" to determine whether Cerberus is underpaying for BlueLinx shares.
BlueLinx reported sales for the first quarter ended April 3, 2010, were $431.1 million, up 6 percent from the same period a year ago. Overall unit volume rose 1.4 percent. The distributor reported a net loss for the period.
BlueLinx, operating through its wholly owned subsidiary BlueLinx Corporation, is a distributor of building products in North America. The company operates its distribution business from sales centers in Atlanta and Denver, and its network of more than 60 distribution centers.