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Non-Tech : UGLY (Ugly Duckling Corp) used cars
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To: Paul Lee who wrote (140)10/5/2000 8:11:27 AM
From: Paul Lee   of 155
 
Ugly Duckling Confirms Receipt of Offer to Purchase
Company From Chairman/Largest Shareholder

PHOENIX--Oct. 5, 2000--Ugly Duckling Corporation (Nasdaq:UGLY)
confirmed that its Chairman and largest shareholder, Ernest C. Garcia
II, has made an offer to the Board of Directors to purchase all of the
outstanding shares of common stock of the company not already owned by
Garcia.
Garcia currently owns approximately 36.5% of the company's
outstanding shares of common stock.
Under the terms of the offer, the holders of the outstanding
shares of common stock would receive $8.50 per share, $2.50 in cash
and $6.00 in subordinated indebtedness of the acquiring company. Greg
Sullivan, Chief Executive Officer and President of the company, has an
arrangement with Garcia under which he would purchase or receive an
option to purchase a 20% interest in the acquiring company.
The Board of Directors has established a special transaction
committee of the board, composed of disinterested directors, to
evaluate and make a recommendation to the full board on the proposal.
Headquartered in Phoenix, Ugly Duckling Corporation is the largest
operator of used car dealerships focused exclusively on the sub-prime
market. The Company underwrites, finances and services sub-prime
contracts generated at its 77 Ugly Duckling dealerships, located in 11
metropolitan areas in eight states.
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