Marsh Supermarkets faces competing bid - The Packer

Marsh Supermarkets faces competing bid

06/02/2006 12:00:00 AM
Ryan P. Kane

(June 2) Regional chain grocer Marsh Supermarkets Inc., Indianapolis, has announced its receipt of an unsolicited letter asking Marsh to consent to a new acquisition proposal, following a merger agreement it had already reached with an affiliate of Boca Raton, Fla.-based Sun Capital Partners Inc.

Drawbridge Special Opportunities Advisors LLC and Cardinal Paragon Inc. have requested that Marsh accept a $13.625 per share cash bid for the firm.

The earlier Sun Capital offer is an all cash deal for $11.125 per share, and Marsh said its board of directors still recommended the sale to shareholders despite the competing bid.

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