CSK Auto Corp. to purchase Murray’s Discount Auto stores
CSK Auto Corp., Phoenix, the parent company of CSK Auto Inc., a specialty retailer in the automotive aftermarket, announced today that it has entered into a definitive merger agreement to acquire Murray’s Inc. and its subsidiary, Murray’s Discount Auto Stores Inc., Bellville, Mich., a majority-owned investment of private equity firm J.W. Childs Associates L.P. CSK will purchase all of the outstanding stock of Murray’s for approximately $170 million in cash. Maynard Jenkins, chairman and CEO of CSK said in a statement: “We are very excited about the opportunity to gain a presence in new, contiguous markets. This acquisition will provide us with additional opportunities to accelerate our new store growth. We also expect the Company to achieve significant synergies as a result of this acquisition, which we believe will result in increased retail and commercial sales growth potential and efficiencies and increased value to our shareholders. We expect that the acquired stores will retain the Murray’s brand name and operating model, which has proven to be very successful in the Midwestern states.” The transaction is expected to close in December 2005.
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