UAP endorses Genuine Parts takeover
MONTREAL — The Board of Directors at UAP, Canada’s largest distributor of replacement parts and accessories for cars and trucks, plans to formally endorse the takeover bid made last month by Atlanta-based Genuine Parts, which operates the Napa retail parts chain.
Genuine Parts will pay approximately $365 million to buy the 80% of the company’s shares it does not already own.
The decision was announced after a special committee set up by the UAP board to study the deal recommended its approval.
UAP has 5500 points of sale across Canada generating annual sales of nearly $800 million.
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