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General Automotive terminates letter of intent to acquire Europacific Parts International

Posted on: Tue, 19 May 2009 14:25:00 EDT

Symbols: GNAU

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May 19, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
GNAU | Quote | Chart | News | PowerRating -- General Automotive Company has terminated its non-binding letter of intent to acquire Europacific Parts International, Inc. (EPI), an importer and distributor of car parts. Both the companies are based in the US.

General Automotive is a supplier of original equipment and aftermarket automotive parts, mobile electronics, and related products.

Announcement (May 5, 2009):

General Automotive has signed a non-binding letter of intent to acquire EPI in an all stock transaction.

Under terms of the non-binding letter of intent, General Automotive would issue 4 million shares of restricted common stock to the owners of EPI. EPI's stockholders could gain an additional 4 million shares over the next six years.

Deal Type    Acquisition
Sub-Category Majority Acquisition
Deal Status  Terminated: 2009-05-15

Deal Participants

Target (Company)   Europacific Parts International, Inc.
Acquirer (Company) General Automotive Company

Deal Rationale

The transaction is expected to further position General Automotive to capitalize on growing consumer preferences for extending the life of their vehicles in the current economic downtown.

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