OAK BROOK, Ill. — Ace Hardware CEO John Venhuizen has expressed interest in purchasing rival True Value, which is considering taking bids for a takeover according to a Bloomberg report. “It is our understanding that True Value is evaluating or conducting a formal auction process for the sale of its business,” Venhuizen told the Chicago Tribune.
“At this point, we have received no contact to participate in that auction process. If contacted, we would have interest in exploring it.” The two Chicago-based co-ops have about 5,000 stores each. True Value was guarded, telling the Tribune only that it is “continuously assessing and evaluating many opportunities in an effort to create maximum value for all of our retailers”.