Luther King Capital Offers To Acquire Industrial Distribution Group (IDGR) for $11.70/Share
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Luther King Capital has made a competing proposal to the Board of Directors of Industrial Distribution Group, Inc. (Nasdaq: IDGR) to acquire all outstanding shares of IDG common stock at a purchase price of $11.70 per share in cash. The proposal represents a 13.6% premium to the $10.30 per share cash offer of Platinum Equity and its affiliates previously accepted by IDG.
Luther King Capital and its affiliates own approximately 14.9% of the outstanding common stock of Industrial Distribution Group, Inc.
Luther King Capital is requesting a meeting with the Board of Directors as soon as possible to discuss their proposal. [LJ]
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