Taylor Corp. Founder Glen Taylor Enters Bid for Standard Register in Bankruptcy Sale
MANKATO, Minn.—June 16, 2015—A last-minute entry who is no stranger to the printing industry has joined the fray in the bid for bankrupt Standard Register, the Dayton Daily News reported.
Billionaire Glen Taylor, who founded commercial printer Taylor Corp. and is the owner of the NBA's Minnesota Timberwolves and the Minneapolis Star Tribune, had legal representation in Monday's bankruptcy sale of Standard Register (the company's assets were auctioned, as well). The winning bidder will be announced by the U.S. Bankruptcy Court for the District of Delaware on Wednesday.
Bids for Dayton, Ohio-based Standard Register—which ranked ninth in the 2014 Printing Impressions 400 with sales of $719.78 million—were due June 11, according to the newspaper. The company entered Chapter 11 bankruptcy protection on March 12, in conjunction with a $275 million buyout agreement with a group led by Silver Point, which specializes in investing in distressed companies.
However, a strategic buyer placed a qualified topping bid that exceeded Silver Point's $275 million. A strategic buyer is defined by the court as a competitor or a company in the same industry, according to the Daily News.
The newspaper cited court documents as revealing that 19 potential buyers executed non-disclosure agreements, while five actually reached the due diligence stage with Standard Register. In its bankruptcy filing, Standard Register listed total assets of $453 million and debts of $584 million.