Samson Holding to bid for Furniture Brands International
November 5, 2013,
ST LOUIS — Samson Holding Ltd., a minority owner of Furniture Brands International stock, plans to bid on the company by Dec. 5, according to a Nov. 1 filing with the U.S. Security and Exchange Commssion.
China-based Samson said it plans to submit a bid to purchase the company and its subsidiaries with terms that are "the same or better than those" of stalking horse bidder KPS Capital Partners.
In late September, KPS emerged as the stalking horse bidder, exceeding an earlier bid by Oaktree Capital Management that was originally backed by FBI. The KPS bid of $280 million was $20 million higher than Oaktree's bid.
Further details of Samson Holding's plans were not immediately available. However, based on the wording in the SEC filing, the planned offer would appear to include all FBI subsidiaries, including Lane Home Furnishings.
Samson Holding owns High Point-based Samson Marketing and its subsidiaries, which include case goods resources Universal Furniture, Legacy Classic and upholstery manufacturer Craftmaster Furniture.
The company currently owns 764,269 shares, or 9.5%, of Furniture Brands stock.