LDL - Lydall ticks lower after report indicates sales process attracted multiple bidders

Zhanna Hapanovich/iStock via Getty Images Lydall (LDL), which announced an agreement to sell itself to Unifrax on Monday for $1.3B, fell 0.7% after a report that the company's sales process attracted multiple bidders. Clearlake-Capital-backed Unifrax first reached out to Lydall in early 2019, according to a Dealreporter story. Lydall announced a strategic review in February 2020, just prior to Covid 19 hitting. Despite the pandemic, Lydall's sale process attracted a number of potential buyers, most of them global strategic bidders, according to the report. Earlier this month, StreetInsider was first to report that Lydall had received at least two bids.

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Lydall ticks lower after report indicates sales process attracted multiple bidders