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IDG attracts additional suitors

Two more companies have jumped into the bidding for Industrial Distribution Group. Luther King Capital Management says it will pay $11.70 per share, or $128.4 million, countering a $113 million buyout offer earlier advanced by Platinum Equity Advisors. A third bidder, which has not been identified, has offered $11 per share. Platinum Equity retains the right to raise its bid of $10.30 per share should IDG's board accept either of the newer offers, IDG said. Industrial Distribution (04/07)