FORT WAYNE, Ind. (WANE) - Do It Best announced Monday its bid to acquire all assets from True Value. The Chicago-based hardlines wholesaler filed for Chapter 11 bankruptcy under private equity ownership. If acquired, Do It Best would create a worldwide store network exceeding 8,000 locations in the U.S. and more than 50 countries around the world. The proposed acquisition was supported unanimously by the Do It Best Board of Directors. "This is a big day in the history of Do It Best," said President and CEO of Do It Best, Dan Starr. However, Starr explained there is a few hurdles Do It Best will have to jump through to acquire True Value. "Because it is essentially a public auction if there's somebody else who comes along as a competitive bidder and and outbids the terms that we have offered as part of the asset purchase agreement," Starr said. "Then it is certainly possible that someone could buy those assets instead of us." Construction continues for nearly 300 apartments at Electric Works He continued by saying there is a regulatory requirement Do It Best file under the Hard Scott Rodino Act that deals over $100 million require a filing and potentially a review by the Justice Department. Starr is confident Do It Best will be able to close by the end of the year. But would Do It Best carry on the True Value name? "If we are the successful bidder, we would hope to not only own that trademark, own that brand, but continue to strengthen the retail presence of True Value going forward," said Starr. True Value is a competitor for Do It Best, but Starr has always admired the True Value brand. "John [Cotter] was one of the iconic leaders of true value in the 1960s and 70s," Starr said. "Really helped to identify and establish what it meant to be a cooperative to these independent hardware stores and home centers, and culturally. He was a perfect fit to the organization that we have always aspired to be." Starr explained how if Do It Best acquires True Value, it would double the number of customers they would serve. True Value also does $1.5 billion in total annual sales. "I would say that the mood is very optimistic and very strong that we'll not only be able to pursue this acquisition, but that it will be a very good thing for our membership, for our customers that we serve, and a very good thing for folks in northeast Indiana," Starr explained.