Big O announces financing contingency removed.ENGLEWOOD, Colo.--(Automotive Wire)--Aug. 16, 1995--Big O Tires, Inc. (NASDAQ/NMS: "BIGO") today announced that the Investment Committee of the Board of Directors has reported to the Company that the purchasing group has presented financing commitments that in the aggregate will provide sufficient funds to pay the merger consideration. The purchasing group is comprised of several senior managers and Big O Tire Dealers of America, a group of its franchised dealers. The Company previously had announced the go private transaction at a cash price of $16.50 per share. The merger agreement is subject to other 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. including the participation in the acquisition group by 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). and participation in the group by not less than 85% of the franchised Big O Tire dealers. 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., Englewood Beth Hayne, Investor Relations Investor relations The process by which the corporation communicates with its investors. , (303) 790-2800 |
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