Interline Brands, Inc. (IBI: Quote) said it has entered into a definitive agreement to be acquired by affiliates of GS Capital Partners LP and P2 Capital Partners, LLC for $25.50 per share in cash. GS Capital Partners is a private equity investor. P2 Capital Partners, a shareholder of Interline, is an investment firm that applies a private equity approach to investing in the public market.
The transaction, which was unanimously approved by Interline's board of directors, is valued at around $1.1 billion, including the assumption of debt. The price of $25.50 per share represents a premium of approximately 42% relative to Interline's closing stock price on May 25, 2012, the last trading day before the announcement of the transaction, and a 31% premium relative to its trailing 30-day average closing stock price.
Interline noted that the agreement permits it to solicit alternative proposals from third parties through June 28, 2012. The Interline board of directors, with the assistance of its advisors, willc actively solicit acquisition proposals during this period. If there is not a superior offer, the transaction is expected to close by the end of the third quarter of 2012.
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by RTT Staff Writer
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