The St. Louis Post=Dispatch reports a new bidder for Furniture Brands International, and it’s a familiar name.
According to the paper, Samson Holding, a Taiwanese company that made an unsuccessful bid for Furniture Brands in 2007, plans to make another bid when the bankrupt furniture maker goes to the auction block on Dec. 10.
New York-based private equity firm KPS Capital Partners LP currently is the lead bidder; it is offering $280 million for the entire business, more than the $166 million that Oaktree Capital Management LP initially offered early in the bankruptcy process. Oaktree eventually raised its offer to $260 million, but Furniture Brands switched to KPS’ bigger offer.
In a regulatory filing, Samson wouldn’t disclose how much it would offer for Furniture Brands business, only saying that the terms will be “the same or better” than KPS’s bid. Samson, which still owns a 9.5 percent stake in the bankrupt company, said it would submit its bid on or before Dec. 5.
Prior to Furniture Brands’ Chapter 11 filing in September, Samson sold off hundreds of thousands of shares of the company. It had held a nearly 13 percent in Furniture Brands.
And Samson wasn’t the only company to offer to buy Furniture Brands in the past, as noted in this story.
Lane Furniture Industries, a Furniture Brands subsidiary, employs some 1,400 workers at its facilities in Northeast Mississippi.