American Hoist & Derrick Co. said Friday it has entered into a definitive agreement to buy all the stock of Denver-based CoastAmerica Corp. for $10.50 a share or $110 million. Under the deal, American Hoist will begin a cash tender offer within five business days, followed by a cash merger at $10.50 for each share not previously tendered. CoastAmerica said the holders of 63 percent of its outstanding shares have agreed to tender their stock in the offer. ``This represents a unique opportunity to realize in one transaction our plan of creating a national hardware distribution company,'' said Robert H. Nassau, Amhoist's president and chief executive officer. Nassau said the acquisition will combine three of the nation's leading hardware suppliers. ``Our Farwell, Ozmun, Kirk & Co. hardware distribution business, CoastAmerica and Globe all have demonstrated their abilities in certain regions of the country,'' he said. Richard H. Bard, chairman and president of CoastAmerica, said, ``Our buying power will be enhanced and our true national presence will increase our growth opportunities.'' CoastAmerica is in the process of completing its acquisition of Globe Distribution, a privately held distributor based in Lincoln, R.I., Amhoist said. Globe, a distributor of automotive products, including hardware and paint, will become part of Amhoist after CoastAmerica is acquired, Amhoist said. The acquisition, when complete, will make Amhoist's distribution business the fifth largest wholesale hardware distributor in the United States and the largest that is not dealer-owned, Amhoist said. It said that after the acquisition, it will have annual sales of more than $800 million.
