Interline Brands Shares Soaring on $1.1B Takeover
Interline Brands (NYSE: IBI) is trading higher on the session following the takeover by GS Capital Partners and P2 Capital Partners. Under the terms of agreement, the private equity firms will pay $25.50 per share in cash, totaling $1.1 billion.
Michael J. Grebe, Interline's Chairman and Chief Executive Officer stated: "This agreement provides excellent value to shareholders. This is also an exciting new chapter for Interline, one that we believe will bring broad benefits to all of our stakeholders. We remain laser-focused on our goals and capabilities, and look forward to working with partners that have proven track records of investments in the distribution sector, as well as financial and operational expertise in global markets. Moreover, Interline has operated successfully in both public and private settings in the past."
Interline Brands is currently trading at $25.08, a gain of $7.14 or 39.80%.
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