Furniture Brands International Inc. (FBN) Stock Jumps on Samson Bid
Samson Holding Ltd., a furnishings wholesaler based in China, reported Monday in a regulatory filing that it acquired 14.9 percent of the shares in Furniture Brands International, sparking talks of a possible bid to acquire the company.
The filing said Samson bought the shares because it views Furniture Brands "as an attractive strategic investment."
Furniture Brands released a statement saying: "The filing also disclosed that Samson had previously presented a proposal to Furniture Brands with respect to a possible business combination transaction. Furniture Brands' board of directors and management regularly review business strategies that have the potential to increase long-term shareholder value. The board and management considered Samson's indication of interest, which was subject to a number of conditions and uncertainties, including availability of financing. Furniture Brands previously requested further information from Samson, without which the board and its advisors have been unable to adequately evaluate the merits of Samson's indication of interest."
The news caused about a 33 percent rise in stock, rising from $10.14 at the close on Friday to $13.63 on Monday at about 2:45 p.m. Central time.
St. Louis-based Furniture Brands International Inc. (NYSE: FBN) manufactures furniture under the Thomasville, Henredon, Drexel Heritage, Maitland-Smith, Broyhill and Lane brands.
Published October 1, 2007 by the St. Louis Business Journal
The filing said Samson bought the shares because it views Furniture Brands "as an attractive strategic investment."
Furniture Brands released a statement saying: "The filing also disclosed that Samson had previously presented a proposal to Furniture Brands with respect to a possible business combination transaction. Furniture Brands' board of directors and management regularly review business strategies that have the potential to increase long-term shareholder value. The board and management considered Samson's indication of interest, which was subject to a number of conditions and uncertainties, including availability of financing. Furniture Brands previously requested further information from Samson, without which the board and its advisors have been unable to adequately evaluate the merits of Samson's indication of interest."
The news caused about a 33 percent rise in stock, rising from $10.14 at the close on Friday to $13.63 on Monday at about 2:45 p.m. Central time.
St. Louis-based Furniture Brands International Inc. (NYSE: FBN) manufactures furniture under the Thomasville, Henredon, Drexel Heritage, Maitland-Smith, Broyhill and Lane brands.
Published October 1, 2007 by the St. Louis Business Journal
Labels: FBN, Furniture Brands International Inc.
posted by Stock Administrator @ 10:07 PM
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