Business & Finance
Business and Finance
Business and Finance
Mon, August 31, 2009
Fri, August 28, 2009
Thu, August 27, 2009 Uni-Select Inc.: Uni-Select Inc. Intends to Acquire 100% Interest in Uni-Select USA, Inc.
BOUCHERVILLE, QUEBEC--(Marketwire - Aug. 27, 2009) - Uni-Select Inc. (TSX:UNS) announces that it has made an offer to purchase all of the outstanding shares of common stock of Uni-Select USA, Inc.
Uni-Select Inc., through its subsidiary Uni-Select USA Holdings, Inc., is currently the holder of 87% of the outstanding shares of Uni-Select USA, Inc. The offer provides cash payment of the purchase price and is extended to all shareholders of Uni-Select USA. The offer to purchase the shares will expire at 5:00 p.m., Minneapolis, Minnesota time, on Thursday, October 1, 2009 (unless otherwise extended).
In the event that, subsequent to the offer, Uni-Select becomes the holder of more than 90% of the stock of Uni-Select USA, it will buy out all remaining minority shareholders subject to applicable Delaware Statutes.
Members of the Buzzard family that are shareholders of Uni-Select USA to the extent of 10%, have indicated that they will tender their shares and accept the offer. However, Mr. Clay Buzzard, a director, remains a significant shareholder of Uni-Select Inc.
Full ownership of Uni-Select USA will allow Uni-Select greater flexibility in financial and administrative functions.
Uni-Select is a Canadian leader in the distribution of automotive replacement parts, equipment, tools and accessories and, through Uni-Select USA, Inc., the Company also provides services to customers in the United States where it is the 7th largest distributor. The Uni-Select NetworkTM includes over 2,500 independent jobbers and services 3,500 points of sale in North America. Uni-Select is headquartered in Montreal. Uni-Select shares (UNS) are traded on the TMX.
Certain statements made in this press release contain forward-looking statements which, by their very nature, include risks and uncertainties, such that actual results could differ from those indicated in those forward-looking statements. For additional information with respect to the risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. Unless required to do so pursuant to applicable securities legislation, Uni-Select assumes no obligation as to the updating or revision of the forward-looking statements as a result of new information, future events or other changes.
