El Segundo, Calif.-based Bell Industries Inc. said on Friday (May 5) it increased its offer to acquire Coast Distribution System Inc. to $8.10 a share from $7.70.
This is Bell’s third offer to acquire Morgan Hills, Calif.-based Coast, up from its initial offer of $7.16 a share. After engaging a finance firm, Coast’s board of directors unanimously rejected Bell’s last offer in February.
In a news release, Bell said if Coast’s response was not favorable it “will not hesitate” to nominate two directors for election to Coast’s board at the company’s annual meeting.
Both companies are involved in aftermarket product distribution for the recreational and marine industries, Bell through its recreational products division in Eagan, Minn.