Cerebus raises BlueLinx offer
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.
Husqvarna approved for tax incentives in South Carolina
The incentives were enacted in preparation for expected future capital investment at the company’s Orangeburg plant, according to the article.
Valspar completes Wattyl acquisition
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).