Friday, June 24, 2016

Platinum Equity Bumps Offer For Electro Rent To $382M

Beverly Hills-based private equity investor Platinum Equity announced this morning that it has bumped its offer for Van Nuys-based Electro Rent to $15.50 per share in cash, up from an earlier, $13.12 per share offer. The new price bumps the total value of the deal to approximately $382.2M. According to Platinum Equity, the increased offer comes due to a receipt by Electro REnt of an unsolicited, third party acquisition proposal. Electro Rent is a provider of test and electronic equipment rentals.

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