MSC Shareholders Approve Elimination of Dual-Class Structure - Modern Distribution Management

Log In

MSC Shareholders Approve Elimination of Dual-Class Structure

The Melville, New York-based MRO product and service distributor first announced its reclassification plan in June.
MSC
Author
Date

On Oct. 4, MRO product and service distributor MSC Industrial Supply Co. announced that its shareholders have approved the previously announced reclassification of the company’s equity structure, including the elimination of the Company’s Class B Common Stock held by the Jacobson/Gershwind family and entities affiliated with the family.

MSC first announced its reclassification plan in June.

Under the terms of the reclassification agreement, each outstanding share of the company’s high-voting Class B shares (10 votes per share) will be exchanged for 1.225 Class A shares (1 vote per share) in stock. The agreement follows the Jacobson/Gershwind family’s previously disclosed proposal to exchange each Class B share for 1.35 Class A shares, according to a news release.

The Jacobson / Gershwind family will remain MSC’s largest shareholder following the reclassification, owning approximately 21% of the Company’s Class A shares, and will be subject to certain standstill and lock-up provisions.

On MDM’s 2023 Top Distributors Lists, MSC ranks No. 13 for industrial distributors, No. 6 for MRO distributors and No. 5 for fastener distributors.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.