Hot stock watch: U.S. industrial product distributor Interline Brands Inc. (IBI) on Tuesday announced that it has agreed to accept the acquisition of a private equity consortium led by GS Capital Partners and P2 Capital Partners, LLC, at a trading price of $812 million in cash.
Including the Interline Brands debt, the transaction is valued at $1.1 billion. The valuation on Interline Brands stock price is $25.50 per share, a premium of approximately 42% compared with last Friday stock closing price of $17.94.
Interline, headquartered in Jacksonville, Florida, is a distributor and direct marketer of maintenance, repair and operations products.
Boosted by the acquisition news, Interline Brands stock price surged 39.80%, or $7.14, to end at $25.08 per share, with a volume of 9.14 million shares versus the average daily volume of 112,636 shares. Interline Brands stock price once hit a new high of $25.23 over the past 52 week.
