Strategic Distribution, Inc., Bristol, PA, announced that the special committee of its board of directors has received a letter from William R. Berkley, chairman of the board of the company, that an entity he controls, Interlaken Capital Inc., proposes to acquire Strategic Distribution for $8.30 per share in cash. Berkley owns about 22.5% of the company’s outstanding common stock.
Strategic Distribution had previously formed a special committee of independent directors back in 2005 to consider strategic alternatives for the company. No decisions have been made by the board of directors with respect to the proposal.
In the letter received by Strategic, Berkley says he would retain the existing management and employees. The proposal remains in effect until Nov. 22, 2006.
See the letter received from Berkley’s company, Interlaken Capital Inc. here.
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