Documents Reveal Taylor Corp. as Top Bidder for Standard Register
Court documents show that Taylor Corp., Mankato, Minn., was the top bidder for Standard Register Co., and could become the owner of the Dayton, Ohio-based company. A hearing was scheduled at 10 a.m. today in the federal court where Judge Brendan Shannon was expected to make a ruling on the sale, according to the Dayton Daily News.
The total amount of the bid was not released, but Taylor agreed to bid $2 million more than the top bidder—and the only other bidder—Silver Point Capital, according to court documents. Silver Point was originally selected as the winning bidder at 11:15 p.m. Monday at the conclusion of the bankruptcy auction after Taylor declined to submit another offer, court documents indicated. However, Taylor increased its bid after post-auction discussions with Silver Point, who agreed Taylor should be the winning bidder.
The Committee of Unsecured Creditors for Standard Register learned of this change at noon Tuesday, and objected to the change, it submitted in a court filing.
Taylor Corp. is one of the largest privately-held companies in the country with more than 9,000 employees and more than 80 subsidiaries, including ADG Promotional Products, Hugo, Minn., and Amsterdam Printing, Amsterdam, N.Y., as well as fellow Mankato, Minnesota-based Carlson Craft, Label Works, and Navitor. Glen Taylor, the billionaire founder of Taylor Corp., started working at Carlson in the 1960s, bought the company, then Carlson Wedding Services in 1975. He also owns the NBA's Minnesota Timberwolves and the Minneapolis Star Tribune.
Standard Register filed for bankruptcy and entered into a $275 million acquisition agreement with Silver Point in March. It then sued Silver Point, as well as some of its own directors and officers, last week over the 2013 acquisition of WorkflowOne.
Stay tuned for more information on this developing story.