Sun Capital bids for FBI
Promises 'substantial premium' to stock price
By Heath E. Combs and Thomas Russell -- Furniture Today, February 24, 2008
St. Louis — Sun Capital Securities Group told Furniture Brands International officials last week that it was interested in acquiring the furniture importer and manufacturer.
The Boca Raton, Fla.-based private equity group said in a letter to FBI that it would pay a "substantial premium" to the company's stock price, which closed at $10.18 per share the day before the non-binding offer was made public and had a 30-day average price of $8.95 per share.
After the letter was reported in a Securities and Exchange Commission filing, FBI's stock jumped about 20% to top $12. At that price, the total outstanding shares would be valued at around $600 million.
Sun Capital already is the third largest FBI shareholder with a 9.4% stake.
In response, Furniture Brands issued a statement saying that because the Sun
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Sun Capital proposes acquisition of Furniture Brands
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