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Sun Capital bids for FBI

Promises 'substantial premium' to stock price

By Heath E. Combs and Thomas Russell -- Furniture Today, February 24, 2008

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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