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Cerebus raises BlueLinx offer

BY HBSDEALER Staff

Cerberus ABP Investor announced today that it has raised its offer for the remaining outstanding shares of BlueLinx Holdings to $4 per share. The investment firm has also extended the tender offer to midnight on Friday, Oct. 8.

Cerberus, an affiliate of Cerberus Capital Management, already owns a 55% majority stake in BlueLinx. Its initial offer, $3.40 a share, was made on July 21. According to a filing with the Securities and Exchange Commission, the new offering price boosts the value of the transaction to $58.4 million from $49.6 million.

BlueLinx, an Atlanta-based distributor of building materials, still has approximately 14.6 million outstanding shares. The company’s board of directors has appointed a special committee to explore the idea of going private, but no formal recommendation has been submitted to shareholders. In a press release, Cerebus said it expects the committee to give its blessing to the tender offer.

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Husqvarna approved for tax incentives in South Carolina

BY HBSDEALER Staff

Orangeburg County, S.C., has given initial approval to a performance-based tax incentive agreement for Husqvarna, the county’s largest manufacturing employer, according to the  Times and Democrat .

The incentives were enacted in preparation for expected future capital investment at the company’s Orangeburg plant, according to the article.

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Valspar completes Wattyl acquisition

BY HBSDEALER Staff

Minneapolis-based Valspar announced it has completed apreviously announced acquisition of Australian paint manufacturer Wattyl.

 

Valspar acquired all of Wattyl’s outstanding shares for approximately A$142 million (US$138.3 million) and assumed existing debt. Wattyl had 2009 sales of A$381.4 million (US$371.6 million).

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