Big O responds to AKH press release.ENGLEWOOD, Colo.--(AutomotiveWire)--Nov. 1, 1994--Big O Tires (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 :BIGO) issued the following statement Tuesday in response to an announcement by AKH Co. Inc. that it had made a proposal to acquire Big O: "In response to the shareholder proposal adopted in June, the board of directors of Big O established an investment committee on June 8, 1994, to explore all alternatives to enhance the value of the company. That committee, along with its investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. , is continuing its effort. The committee has received a letter from AKH indicating a desire to purchase the company, subject to, among other things, a 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. investigation, a commitment of third party financing necessary to enable AKH to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. a transaction and a 90-day period of exclusivity during which Big O would not carry on discussions or negotiations with any third parties regarding a business sale or combination with anyone except AKH. "The committee has requested that AKH enter into a confidentiality agreement with the company and demonstrate its financial capacity to conclude a transaction before the committee would consider entering into any substantive discussion. In addition, the committee has advised AKH that it is unwilling to grant exclusivity." 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 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. Big O Tires' common stock is traded on the NASDAQ National Market System under the symbol BIGO. CONTACT: Big O Tires, Englewood Beth Hayne, 303/790-2800 |
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