Big O Tires Inc. announcement.ENGLEWOOD Englewood (ĕng`gəlw  d).1 City (1990 pop. 29,387), Arapahoe co., N central Colo., on the South Platte River, a residential and industrial suburb of Denver; inc. 1903. , Colo.--(BUSINESS WIRE)--Dec. 5, 1994--Big O Tires, Inc. (NASDAQ/NMS:BIGO) announced today that it has received an offer to acquire the outstanding shares of the company for $18.50 per share. The offer was made by a group of senior company managers and franchised dealers. The group is led by President and Chief Executive Officer Steven P. Cloward and several independent franchisees of the company acting on behalf of a majority of the company's franchised dealers. John E. Siipola, Chairman of the Board of Directors, stated, "We welcome this proposal to acquire the company. I have scheduled a meeting of the Investment Committee of the Board of Directors to immediately review all proposals received and their contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. ." The Investment Committee was formed in June, 1994 in response to a shareholder proposal to explore alternatives to enhance the value of the company. Investment Committee representative and Board member Horst K. Mehlfeldt said, "It is too early to know how this offer will impact other alternatives, including the interest expressed by AKH Company, Inc., which already has started its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review." Both proposals include several contingencies which require evaluation by the Investment Committee. Big O Tires, Inc. is one of the largest independent retail tire and auto service franchisors in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with 370 stores in 18 states primarily in the West and Midwest. The Company also distributes tires and other automotive products to 41 Associated Dealers in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Canada. It is the sole distributor of its Big O brand tires and a major distributor of other brands such as Michelin, B.F. Goodrich and Uniroyal, as well as aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. suspension parts manufactured by Monroe Auto Equipment. Big O Tires' common stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol BIGO. CONTACT: Big O Tires Inc., Englewood Beth Hayne, 303/790-2800 |
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