Racing Champions Board Rejects Buyout Offer as Wholly Inadequate
GLEN ELLYN, Ill.--(BUSINESS WIRE)--June 30, 1999--Racing Champions Corporation (NASDAQ: RACN - news) today announced that its Board of Directors has rejected, as wholly inadequate, the offer of Racing Acquisitions, Inc. to acquire all of the outstanding common stock of Racing Champions Corporation for $10.00 per share.
Founded in 1989, Racing Champions (http://www.racingchampions.com) is a leading producer and marketer of collectibles available at more than 20,000 retail outlets throughout North America. The Company is best known for its extensive lines of officially licensed NASCAR die-cast racing replicas, Press Pass trading cards and NASCAR souvenirs and apparel, Ertl agricultural and custom imprint die cast replicas and AMT model kits. Additional high profile, licensed die-cast series include WCW, Sony Signatures, Outdoor Life and Field & Stream.
Forward looking statements in this release are subject to many uncertainties in the Company=s operations and business environment. These uncertainties include general economic conditions, demand for the Company=s products, competition, availability of certain licensed properties and costs of operations. Such uncertainties and other operational matters are discussed further in the Company=s quarterly and annual filings with the Securities and Exchange Commission.
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Contact:
Racing Champions
Curt Stoelting, 630/790-3507, x 133 |
