Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : APCO Automobile Protection Company -- Ignore unavailable to you. Want to Upgrade?

To: Pluvia who wrote (3308)	6/10/1999 5:44:00 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3351

The rumor was that Ford was going to acquire APCO. In this case, the rumor turned out to be true: biz.yahoo.com Thursday June 10, 4:59 pm Eastern Time Company Press Release SOURCE: Ford Motor Company Ford Motor Company Reaches Agreement to Buy Automobile Protection Corporation DEARBORN, Mich., June 10 /PRNewswire/ -- Ford Motor Company (NYSE: F - news) and Automobile Protection Corporation (APCO) (Nasdaq: APCO - news ), a premier all-makes extended service contract provider, have reached a definitive agreement for Ford to acquire APCO for $13.00 per share in cash. APCO's core business is the marketing and administration of the EasyCare® Certified Pre-Owned Vehicle Merchandising Program and EasyCare Vehicle Service Contracts, sold primarily through car and truck dealerships. APCO also administers warranty and service contract products under private labels. ''APCO is a nationally recognized company that has earned a top-tier position in the all-makes extended service contract market,'' said Mike Jordan, vice president, Ford Customer Service Division (FCSD). ''We're pleased to add EasyCare to Ford Motor Company's portfolio of brands. ''This acquisition is directly aligned with Ford's goal of becoming the leading consumer company that provides automotive products and services, and it represents another significant step in FCSD's efforts to become the number one aftersales and service operation in the world.'' Headquartered in Atlanta, Georgia, APCO has 200 employees. The company will retain its current officers, employees and independent sales representatives. ''APCO has a highly skilled and nimble management team with an outstanding track record of growth, effective operating systems and best-in-class customer service,'' Jordan said. ''And APCO's leaders demonstrate the new entrepreneurial spirit taking hold at Ford.'' Ford Motor Company has agreed to commence a tender offer for all of the outstanding shares of APCO common stock at a purchase price of $13.00 per share. The total amount of the tender offer is approximately $180 million. This transaction is subject to regulatory approval and the valid tender of a majority of APCO's shares, as well as other customary conditions. The directors of APCO are unanimously recommending that all APCO shareholders accept Ford's offer. APCO's founders and largest shareholders, Martin Blank and Larry Dorfman, have agreed to tender their shares and support the transaction. ''The proposed merger with Ford Motor Company represents good value for our stockholders, outstanding marketing opportunities for our agents, security for our employees and strong growth opportunities for both companies,'' said Larry Dorfman, president and chief executive officer of APCO. ''Being able to operate independently while having the full backing of Ford will place us in a unique and favorable position in the marketplace,'' Dorfman continued. ''We will continue to operate the way we do today, and will serve present and future clients with the same industry-leading level of service we have become known for.'' Ford Motor Company is the world's second largest automaker. Its automotive brands include Aston Martin, Ford, Jaguar, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit, Quality Care, Hertz and Visteon Automotive Systems. SOURCE: Ford Motor Company