The 2020 Mid-Year Economic Update_long

Luther King Capital Management Beats Platinum’s Bid for IDG

The bid for Industrial Distribution Group, Inc., Atlanta, GA, has gone up again. This time, Luther King Capital Management has offered $12.10 per share in cash, an increase from Platinum Equity's recent bid of $11.80.
 
Platinum's bid had been made in response to WESCO Distribution's offer of $11.75. WESCO has since announced it would no longer bid for IDG.
 
LKCM presented IDG an equity financing commitment letter from an LKCM investment fund.
 
IDG's board is now recommending the LKCM offer.
 
Platinum could still come back with an increased offer; the private equity firm that also owns Strategic Distribution has until 5 p.m. ET on Friday, April 25, to match or beat the bid.
 
Luther King Capital Management is IDG's largest ...

The bid for Industrial Distribution Group, Inc., Atlanta, GA, has gone up again. This time, Luther King Capital Management has offered $12.10 per share in cash, an increase from Platinum Equity’s recent bid of $11.80.
 
Platinum’s bid had been made in response to WESCO Distribution’s offer of $11.75. WESCO has since announced it would no longer bid for IDG.
 
LKCM presented IDG an equity financing commitment letter from an LKCM investment fund.
 
IDG’s board is now recommending the LKCM offer.
 
Platinum could still come back with an increased offer; the private equity firm that also owns Strategic Distribution has until 5 p.m. ET on Friday, April 25, to match or beat the bid.
 
Luther King Capital Management is IDG’s largest stockholder, with about 15% of shares.

About the Author
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.

By subscribing, you are agreeing to MDM’s Privacy Policy.

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

0

articles left

This is your last free article

Subscribe to MDM Premium today and 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.