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

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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.

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.

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