Investment Group Makes Higher Bid for RB Industries

RB Industries Inc., which has already agreed to a takeover deal, said Tuesday it has received a higher buyout offer of $13 a share from an investment group that it declined to identify.

The furniture retailer said the takeover proposal is subject to various conditions, including the execution of a definitive merger agreement and receipt of proxies from certain principal stockholders.

In addition, the company would have to legally terminate its existing merger agreement with Cahasa Acquisition Corp. RB Industries had agreed to be acquired by Cahasa for $12 a share in cash.