Essendant -10.6% as FTC issues second request on GPC deal [Seeking Alpha]
ESSENDANT INC COMMON (ESND)
Last essendant inc common earnings: 10/25 04:30 pm
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Source: Seeking Alpha
Essendant -10.6% as FTC issues second request on GPC dealEssendant (NASDAQ:ESND) isoff 10.6% after hours after it notes it's gotten asecond request for information from the FTC on its proposed merger with Genuine Parts' (NYSE:GPC) S.P. Richards business.That move (which Essendant anticipated) extends the waiting period for the merger until 30 days after the companies substantially comply with the request.In the update, Essendant notes its board evaluated a GPC proposal for Essendant shareholders to get a right to a contingent cash payment of up to $4/share. But Essendant's board determined the CVR wasn't in its interests, and the two companies determined that the merger agreement wouldn't be amended to include the CVR.Regarding an unsolicited proposal from Staples, Essendant says Staples hasn't entered into a revised confidentiality agreement and otherwise hasn't engaged in discussions.See all stocks on the move »Now read:Top 'Safer' Dividend Aristocrats Are Leggett For Gains, And Pro
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