Interline Investor Challenges $1B Private Equity Buyout

Law360, Wilmington (June 14, 2012, 1:50 PM EDT) -- An Interline Brands Inc. shareholder launched a class action on Wednesday challenging the $1.1 billion bid from Goldman Sachs & Co.'s private equity arm and P2 Capital Partners LLC to take the industrial products company private.

The $25.50-per-share deal undervalues Jacksonville, Fla.-based Interline and while shareholders get cashed out on the cheap, Interline management plans to reinvest some of their take from the transaction in the post-buyout private company, shareholder Diane Cohen alleged in a Delaware Chancery Court complaint.

"By taking the company private, the buyout...
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