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Big O and TBC negotiating merger letter of intent.

ENGLEWOOD, Colo.--(AutomotiveWire)--Feb. 29, 1996--Big O Tires, Inc. (Nasdaq/NM:BIGO) today announced that Big O is negotiating a letter of intent with TBC Corporation (Nasdaq/NM:TBCC) relating to TBC's proposed acquisition of Big O.

TBC has proposed a cash price of $16.50 per Big O share, subject to several conditions including a potential reduction in price as provided in TBC's letter of intent.

If the letter of intent is agreed upon, the transaction would still be subject to the execution of a definitive merger agreement, Big O and TBC Board approval, approval by the Big O stockholders and the satisfaction of contractual conditions.

Although the previously announced merger agreement between the Company and the companies formed by a Dealer/Management Group is still in effect, either the Company or the Dealer/Management Group are able to terminate that merger agreement after February 28, 1996. The TBC letter of intent is conditioned on termination of that merger agreement.

TBC Corporation is a marketer and distributor of products for the automotive replacement market.

Big O Tires, Inc. is a franchisor of independent retail tire and auto service stores.

CONTACT: Big O Tires Inc., Englewood

Beth Hayne, (303) 790-2800
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Feb 29, 1996
Words:200
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