The manufacturer of the iconic Lincoln Logs and Tinkertoy is up for bid, according to an announcement from PNC Financial Services Group.
The public sale of Hatboro-based K’Nex Industries will be Monday, according to the announcement, with the opening bid set at $21 million, writes Patty Tascarella in the Philadelphia Business Journal.
The legal notice states that “PNC has received an offer from a third party” and a proposed sale agreement with that buyer sets a price of $21 million; “any bid received at the public sale…must be higher or better than the offer contained in the proposed sale agreement,” according to the legal notice.
According to local newspaper accounts, K’NEX was founded in 1992 and the company manufactures and sells color-coded plastic rods, wheels, and connectors that can fit together to create a nearly endless variety of shapes, vehicles and other assemblies. The company played host to a visit by then-President Barack Obama in 2012, and hosted candidate Hillary Clinton for a campaign stop in July 2016.
To read the complete story click here.