Industrial Distribution accepts Luther King's $12.10 per share bid

New York, April 25 - Industrial Distribution Group, Inc. said it accepted the $12.10 per share offer to acquire the company from Luther King Capital Management Corp.

Industrial Distribution said Platinum Equity Advisors, LLC informed it on Friday afternoon that it would not be exercising its right to match or beat Luther King's offer. Platinum had previously offered $11.80 per share.

The deadline for higher offers expired at 5 p.m. ET on Friday.

Platinum Equity will receive a 3% break-up fee based on the $10.30 per share price established in the original agreement with the firm. Luther King has agreed to reimburse the fee, subject to conditions.

Industrial Distribution's board is now recommending that stockholders back the deal with Luther King.

Wesco Distribution, Inc., which had offered $11.75 per share to acquire Industrial Distribution, previously dropped out of the bidding.

Atlanta-based Industrial Distribution supplies maintenance, repair, operating and production products and services to manufacturers and industrial users in the United States and China.

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