Briggs Stratton Murray Buyout Stalls

Engine Industry reports say that Briggs & Stratton Engines buyout of Murray has stalled resulting in Murray filing a motion for a bankruptcy auction to take place.

Because no agreement has been reached between Briggs & Stratton and Murray Briggs will not be the "stalking horse" company in the Murray bankruptcy auction, which would have given Briggs & Stratton the intial bid.

Murray's president said,"We have had discussions with several potential purchasers, and we remain in contact with Briggs & Stratton, which can still be named the stalking horse prior to the auction."

Murray and Briggs & Stratton negotiations until now would have covered Murray in the United States, Murray Canada and Hayter. Murray makes lawn mowers, lawn tractors, snow throwers and other outdoor power equipment and products.

A bankruptcy court approved Briggs & Stratton engines bid last month to buy Murray for $150 million but that deal was contingent on negotiations between the two companies, due diligence and regulatory approvals.