Consolidated Electrical to Drop Acquisition
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Consolidated Electrical Distributors in Westlake Village has told the Securities and Exchange Commission that it will drop its acquisition of Clark Consolidated Industrial in Rocky River, Ohio, because another party matched its bid.
The company, which controls 16.6% of Clark Consolidated, was offering $20.50 per share, or about $2.1 million, for the rest of the shares.
Consolidated Electrical is a supplier to contractors, utilities and government entities.
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