Atlanta, GA 5/29/12 (StreetBeat) -- Interline Brands Inc. (NYSE: IBI) agreed to be bought by affiliates of GS Capital Partners LP and P2 Capital Partners LLC in a deal valued at $1.1 billion including debt.
Interline shareholders will receive $25.50 a share, a premium of 42 percent over the closing price on May 25, according to a statement from Jacksonville, Florida-based Interline today. The company may solicit alternative proposals through June 28.
“This agreement provides excellent value to shareholders,” said Michael J. Grebe, Interline’s chairman and chief executive officer. “Interline has operated successfully in both public and private settings in the past. As we now look forward, GS Capital Partners and P2 Capital Partners have a shared vision of our value creation opportunities and the actions needed to realize them.”
In addition to equity from funds managed by GS Capital Partners and P2 Capital Partners, members of Interline’s management plan to invest a portion of their proceeds from the transaction, according to the statement. The company’s board of directors approved the offer.
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