Your Source for Up-To-Date News and Research on the Collision Repair Industry
click here to subscribe to the FREE INSIGHT Editor's Desk News Alert Email
SUBSCRIBERS-ONLY
Today's News
INSIGHT This Month
INSIGHT Archives
Survey Center
Letter to the Editor
Business Tools
Subscription Information
CSI Reporting
Financial Analysis
IRS Audit Guide
Management/
Technical Info
Market Watch Rates
INSIGHT Inside this month's issue...
Feedback
Letter to the Editor
Wednesday September 1
Earl Scheib Terminates Letter of Intent with Elden Holding Group
The Board of Directors of Earl Scheib, Inc. has elected to terminate the Letter of Intent previously entered into as of May 13, 2004, and as amended on July 23, 2004, with Elden Holding Group, LLC, a private real estate investment company.Elden had proposed to acquire all of the company's issued and outstanding capital stock for approximately $15,000,000, plus assumption of certain transaction and related costs estimated at over $2,000,000.
Christian K. Bement, President and Chief Executive Officer of Earl Scheib, stated that "while the Board and management are disappointed that the parties were unable to complete the proposed transaction, the company is committed to strategies designed to maximize shareholder value. In that regard, I am pleased that our recently completed fiscal year ended April 30, 2004 saw quarterly same store sales increases and that trend continued through the company's first fiscal quarter of 2005, which ended July 31, 2004. The Board is hopeful that the company's improved financial performance will continue which should assist us in our mission to maximize shareholder value."
Earl Scheib, Inc., founded in 1937, is a nationwide operator of 113 auto paint and body shops located in approximately 100 cities throughout the United States.
©2004 Collision Repair Industry INSIGHT
All Rights Reserved
FEATURED
LINKS:
INSIGHT Supports the NABC!
Do You?