ERJ staff report (DS)
Chino, California -- American Tire Corporation (said it has recently refused an offer to buy all the company's shares. ATC did not name the broker who approached ATC, nor the principal behind the bid. ATC described the bidder as, "a multi-billion US company."
ATC said it has received a letter of intent from a US broker, which, "clearly expresses the investor's strong interest in ATC and its OTR tyre business, in addition to its new project in Washington. Also, a big offer for entire acquisition of ATC is included. "
ATC said it declined the bid because it is conflict with ATC's current strategy of development.
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Press release from ATC