Woodgrain Affiliate Commences Offer for Huttig Shares - Modern Distribution Management

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Woodgrain Affiliate Commences Offer for Huttig Shares

Woodgrain Inc. last month reached a deal to acquire Huttig Building Products for $350 million in an all-cash agreement.
Woodgrain Affiliate Commences Offer for Huttig Shares

Millwork operation Woodgrain Inc. said affiliate HBP Merger Sub, Inc. has commenced a cash tender offer for all issued and outstanding shares of common stock of Huttig Building Products, Inc., at a price of $10.70 per share — net to the seller — “in cash, without interest and less applicable withholding taxes.”

Woodgrain last month agreed to acquire Huttig Building Products for $350 million.

The $10.70 per share all-cash tender offer represents a premium of approximately 12.6% over Huttig’s closing share price on March 21, the final trading day before the acquisition was announced, Huttig said.

Huttig said the tender offer will expire “one minute after 11:59 P.M.” Eastern time April 25, unless the tender offer is extended in accordance with the terms of the merger agreement and the applicable rules and regulations of the SEC.

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