A bankruptcy court judge has approved Taylor Corp.'s $307 million-plus bid for Dayton, Ohio-based Standard Register. In a separate deal, Taylor Corp. also picked up the assets of Salem, New Hampshire-based NEPS LLC, which services the insurance, finance, health care and automotive spaces.
Following up to our coverage yesterday, court documents have revealed that Taylor Corp., headquartered in Mankato, Minnesota, ended up as the top bidder at the bankruptcy auction for Standard Register—bidding $2 million more than the top bidder at a bankruptcy auction held in New York on Monday—and could become the owner of the Dayton, Ohio-based printing, document management and marketing services firm if a federal judge agrees to the sale later today, reported the Dayton Daily News.
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.