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UPDATE 1-BlueLinx Holdings to go private for $3.40/shr
July 22, 2010 / 12:48 PM / in 7 years

UPDATE 1-BlueLinx Holdings to go private for $3.40/shr

* Cerberus offers to buy remaining stake in co

* Offer at 36 pct premium to Wednesday’s close

* Offer value total company at $111.1 mln

July 22 (Reuters) - Private equity firm Cerberus Capital Management LP offered to buy out BlueLinx Holdings Inc (BXC.N) by acquiring shares it does not already own, valuing the distributor of building products at $111.1 million.

Cerberus, whose affiliate already owns 55.39 percent of BlueLinx as of May 7, said it would buy the remaining shares for $3.40 a share in cash, a premium of about 36 percent to the stock’s closing price Wednesday.

Cerberus said it intends to commence the offer within seven days.

BlueLinx shares were trading at $3.40 before the bell. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Gopakumar Warrier)

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