Big O Tires corrects first paragraph in press release (BW0009).ENGLEWOOD, Colo.--(BUSINESS WIRE)--Sept. 1, 1995--Big O Tires, Inc. (NASDAQ/NMS: "BIGO") today announced that the Board of Directors, with the approval of the Investment Committee, has agreed to a request, from the group that plans to acquire the Company for a cash price of $16.50 per share, for an extension until October 2, 1995, to satisfy or waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such the contingency contingency n. an event that might not occur. that requires participation in the acquiring group by the Company's dealers owning not less than 85% of the franchised Big O Tire stores. The acquiring group is comprised of several Big O senior managers led by Steven P. Cloward, President, and a number of the Company's franchised dealers. The merger is also subject to other contingencies including the participation in the acquisition group by the holders of not less than 80% of the shares held by the Company's ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). . 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. , serving more than 380 stores in 18 states primarily in the West and Midwest. The Company also distributes tires and other automotive products to 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 private 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. CONTACT: Big O Tires, Inc. Beth Hayne, 303/790-2800 |
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