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The eBearing News
August 15, 2005
General Bearing Pursuing
Possible Sale or Merger
copyright © 2005 eBearing Inc.
General Bearing Corp. (USA, publicly traded on the Pink Sheets as
GNRL.PK), after reporting strong sales and earnings for the
past several quarters, has put itself up for sale or merger.
In a notice, the company said it is, " ... exploring strategic alternatives to create liquidity for its shareholders."
CEO David Gussack said, "in pursuit of our continuing goal of creating value for the
shareholders, General Bearing is taking steps to identify strategic options including a possible sale or merger."
General Bearing was founded in 1958 by Seymour Gussack. The company went public via a 1977 IPO
at $7.00 per share. In March 2005, citing the high costs of Sarbanes-Oxley compliance, the company
filed to deregister its stock from the NASDAQ as GNRL and settled in the Pink Sheets as GNRL.PK.
article: General Bearing files to delist its stock
In 2000-2001 and again in 2004, the Gussack family attempted to take the company private by buying
the outstanding shares. The management group abandoned its top offer of $4.00 per share by September
2004; the stock currently trades between $11 and $12 per share and the management team holds over
70% of the outstanding shares.
article: General Bearing management team abandons buyout bid
General Bearing has retained New York - based investment bankers Jefferies & Co. as advisors
in exploring its strategic alternatives.
Jefferies was most recently an underwriter in the IPO of RBC Bearings Inc.
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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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