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A special committee of Atlanta-based BlueLinx Holdings Inc. (NYSE:BXC) has recommended that stockholders accept the pending tender offer to sell their shares to Cerberus ABP Investors LLC. Cerberus recently raised its offer price to $4 a share. That's up from $3.40 a share.
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According to an earlier report, Cerberus, a private equity firm, owns more than half of BlueLinx's shares already.
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.