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INDIANAPOLIS -- Marsh Supermarkets here received an unsolicited bid for the company at $13.625 per share in cash, an offer that is higher than one the company had already accepted.
Marsh had already signed a definitive agreement to be acquired in an all cash transaction by an affiliate of private equity firm Sun Capital Partners for $11.125 per share. The chain said today that it received a letter dated May 22 with the second bid from Drawbridge Special Opportunities Advisors LLC and Cardinal Paragon Inc.
The chain said its board, which recommended that shareholders approve the Sun Capital deal, has made no determination to change its recommendation at this time.