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Borders Picks Lead Bidder Would Join Club Marketers Date: 7/5/2011 |
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Borders has selected Najafi Companies? Direct Brands as the lead bidder in its auction, according to the New York Times. Direct Brands operates Book-of-the-Month Club and Columbia House. The bid is $435 million: $215 in cash, and $220 million in assumed liabilities. Najafi is the stalking horse bidder, meaning that its bid will serve as a base in the company?s auction of its assets. Borders has announced that the auction will be held July 19th (see ?Borders Auction in July?). The company was able to extend its financing (although at a hefty interest cost, see ?Judge to Borders: ?I Think You?re Getting Raped??) to accommodate that schedule. Najafi specializes in turnarounds, and has had some notable successes in that arena (see ?Another Turnaround Investor Circling Borders?). |
| Source: ICv2 |
