BlueLinx Soars; Cerberus Plans to Take It Over (BXC)

Shares of BlueLinx Holdings Inc.

are soaring this morning, currently higher by 35.46%, trading at $3.40, on news that a Cerberus Capital Management LP affiliate has announced a plan to buy up the rest of the company it does not already own. Cerberus is offering $3.40 per share, which is a 35% premium to yesterday’s closing price. Dow Jones reported that, “the bid depends on Cerberus increasing its 55% stake to at least 90% and the tender of a majority of the shares not owned by Cerberus or BlueLinx directors or officers.” BlueLinx Holdings Inc. through its wholly owned subsidiary, BlueLinx Corporation, is a distributor of building products in the United States. The company operates in all of the metropolitan areas in the United States. As of January 2, 2010, BlueLinx distributed more than 10,000 products to approximately 11,500 customers through its network of more than 70 warehouses and third-party operated warehouses. You Can't Afford Miss Out On These Money Making Trading