SUBSEQUENT EVENT

9 Months Ended

Sep. 27, 2019

Subsequent Event [Line Items]

Subsequent Events [Text Block]

 SUBSEQUENT EVENT

On October 30, 2019, the Company, CD&R Arrow Parent, LLC ("Parent"), and CD&R Arrow Merger Sub, Inc. ("Merger Sub") entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”). Parent and Merger Sub are indirectly owned by investment funds managed by Clayton, Dubilier & Rice. At the consummation of the merger, each of the Company's issued and outstanding shares of common stock will be converted into the right to receive $81.00 in cash, less any applicable withholding taxes. The consummation of the merger remains subject to customary closing conditions. As a result of the merger, the Company will cease to be a publicly traded company.

The Merger Agreement provides for a 40 day “go-shop” period, during which the Company and its subsidiaries and representatives will be permitted to actively solicit alternative acquisition proposals and enter into negotiations with other parties, subject to certain conditions regarding non-public information. The Company will have the right to terminate the Merger Agreement to enter into a superior proposal, subject to the terms and conditions of the Merger Agreement. There can be no assurance the “go-shop” period will result in a superior proposal. The Company does not intend to disclose developments about the “go-shop” process unless and until its board of directors has made a decision with respect to any potential superior proposal.