Auto Service World
Feature   October 1, 2009   by Auto Service World

Uni-Select Makes Bid To Buy Outstanding Shares Of U.S. Operation

Uni-Select Inc. 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 was to expire at 5:00 p.m., Minneapolis, Minnesota, time on October 1, 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, who hold 10% of Uni-Select USA, have indicated that they will tender their shares and accept the offer. Clay Buzzard, a director, remains a significant shareholder of Uni-Select Inc.

Uni-Select notes that full ownership of Uni-Select USA will allow greater flexibility in financial and administrative functions.

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