The bidding war for industrial distributor Industrial Distribution Group Inc., Atlanta, GA, continues, but without WESCO. Pittsburgh, PA-based electrical distributor WESCO has dropped its bid for IDG, according to a statement released this morning.
Platinum Equity, the original victor with its offer of $10.30 per share for the distributor, has upped its bid to $11.80 per share in cash in response to WESCO Distribution's earlier bid of $11.75.
IDG has until 5 p.m., Eastern Time, today (Tuesday) to accept the price or the offer from Platinum Equity will expire.
IDG's Board of Directors have decided to accept Platinum's offer if it does not receive a superior offer from Luther King Capital Management by 3 p.m., Eastern Time, today (Tuesday).
If LKCM responds with a higher offer, then Platinum would have the opportunity to match or top its bid.