- American City Business Journals•28 days ago
Investment firm Platinum Equity has raised its offer to buy Electro Rent Corp. to about $382 million, from a previous $323.4 million, due to a unsolicited bid by a third party. Beverly Hills-based Platinum Equity increased its bid by 18 percent to $15.50 per share in cash from $13.12 per share, the companies said without naming the third party. The new purchase price represents a premium of 19 percent over the closing price of Electro Rent’s common stock on June 23, 45 percent over the average closing price of its common stock during the past three months, and 47 percent over the closing price on May 27, the last day of trading prior to the original announcement of the Platinum Equity agreement.
Electro Rent CorporationNasdaqGS
After hours: 15.450.00 (0.00%) as of 4:31 PM EDT
|Bid||15.42 x 100|
|Ask||15.52 x 1500|
|52wk Range||7.30 - 15.57|
|Day's Range||15.43 - 15.47|
|Avg Vol (3m)||141,692|
As of 4:00 PM EDT. Market closed.