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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Here is a sampling of some of the stylish new products catching dealers' eyes at the October High Point Market. For more coverage, see Furniture/Today's Nov. 2 print issue. When you're done viewing the photos in this Slideshow, more images of hot introductions also are available on the Furniture/Today Web site by clicking here.
The High Point Market is marking its 100th anniversary this April.
To help celebrate this milestone, Furniture/Today presents some pictorial
highlights of the past 100 years.
