Industrial Distribution stockholders say 'yes' to acquisition by Luther King Capital

By Lisa Kerner

Charlotte, N.C., June 18 - Industrial Distribution Group, Inc. said its stockholders voted "overwhelmingly" to approve the company's acquisition by Eiger Holdco, LLC, an affiliate of Luther King Capital Management Corp. at a special meeting on Wednesday.

According to an Industrial Distribution news release, with 82.8% of the total 9,605,080 eligible shares being voted, 7,956,181 shares, or 82.4% of the outstanding common stock, approved the transaction. Of the shares voted, 99.4% were in favor of the acquisition.

The merger is expected to close in mid-July, said Industrial Distribution.

In April, Industrial Distribution announced it agreed to be acquired by Luther King Capital for $12.10 per share.

Platinum Equity Advisors, LLC and Wesco Distribution, Inc., had made bids for the company of $10.30 per share and $11.75 per share, respectively.

Atlanta-based Industrial Distribution supplies maintenance, repair, operating and production products and services to manufacturers and industrial users in the United States and China.

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