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The eBearing News
August 25, 2000
General Bearing Management Extends LBO Offer
Date to December 1, 2000
copyright © 2000 eBearing Inc.
General Bearing (West Nyack, New York) management, continuing along the buyout track
initiated by the majority shareholding Gussack family back in July, has extended its
buyout offer from September 1 to December 1, 2000.
No reason for the extension was given.
• the earlier article about the buyout
On July 7, 2000, management announced that General Bearing had purchased its own holding
company, World Machinery, from the owners. World Machinery's owners were General
Bearing's board and management. Net in the transaction, General Bearing's board
and management received 190,000 additional shares of General Bearing.
On July 14, 2000, General Bearing's management announced a tender offer for all outstanding
shares of the company at $6.50 per share. General Bearing shares were trading at
$6.25 on July 14 but have lately been trading much lower, close to $6.00.
General Bearing indicates that a special committee of directors will retain an investment
banker to assess the fairness of the transaction to the public shareholders.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
trademarks of eBearing Inc.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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