Essendant in April agreed to combine and form a separate company with S.P. Richards, a peer owned by Genuine Parts Company.
Sycamore reported its roughly 9.9 percent stake in Essendant in May, as well as its offer to buy the rest of the company for $ 11.50 per share.
Genuine Parts raised its bid to an offer of as much as $ 12 a share, contingent on Essendant’s stock price. Shares of Essendant, unchanged in after-hours trading, closed at $ 13.70 a share on Monday, above both companies’ offers.