AKRON-Goodyear's board of directors adopted, on June 4, a preferred stock purchase rights plan designed to stave off a potential hostile takeover. The new plan, which will replace the company's existing rights plan expiring on July 28, was adopted due to market conditions, not in response to any specific takeover threat, Goodyear said. It will expire July 29, 2006.
According to the plan, each right, when exercisable, will entitle a shareholder to buy one one-hundredth of a share of a new series of preferred Goodyear stock at an exercise price of $250.
The company said the rights will be exercisable only in the event that an investor acquires, makes, or announces an intention to make, a tender offer for 15 percent or more of Goodyear common stock.
In that event, the holder of each right-other than those held by the ``hostile'' investor-may purchase Goodyear common stock at half its then-current market price, thus making it more difficult for someone to buy a controlling share.
Poll: Men make most auto repair decisions
BEDFORD, Texas-More women may be bringing cars into repair shops, but often it's the man of the house who makes the final decision on auto service matters, according to a recent on-line survey conducted by the Bedford-based Automotive Service Association.
About 93 percent of respondents indicated that the man in their household makes the final decision on auto service matters.
The ASA noted that 93 percent of the survey respondents were male, and 99 percent of these men cited the male as the decision maker. Of the female respondents, 78 percent cited a female as the decision maker.
``Such lopsided results in favor of one gender assuming the role of decision maker tell us that shops still need to market themselves as heavily to men as to women,'' said ASA President G.W. ``Bud'' Merwin III.
Myers Tire Supply buys Island Rubber
AKRON-Myers Tire Supply has acquired Island Rubber and Equipment Co., a wholesaler of tire retreading, repair and wheel service supplies in Farmingdale, N.Y. The company did not disclose sale terms.
The operation will become Akron-based Myers' 43rd location and will operate as Myers Tire Supply Long Island. The former owners, Rob and Ruth Demeri, will manage the business.
Industry Week '96 sets up info line, fax
LAS VEGAS-Automotive Aftermarket Industry Week (AAIW) has set up ShowFax, a 24-hour, automated, toll-free phone and fax-response service that provides instant information pertaining to AAIW '96, slated for Nov. 5-8 in Las Vegas.
ShowFax can be accessed by dialing (800)-4-Showfax (474-6932). Callers will be asked to dial the AAIW access code (96125) and a return fax number. After selecting an information option, relevant show information will be transmitted to the caller's fax machine in seconds, the association said.
Ms. Joudrie confined to mental hospital
EDMONTON, Alberta-The ex-wife of Canadian Tire Corp. Chairman Earl Joudrie will be detained in a psychiatric hospital after a jury found her not criminally responsible by reason of mental disorder for the January 1995 shooting of her estranged husband.
Mr. Joudrie, who also is chairman of Algoma Steel and Gulf Canada Resources Ltd., was shot in the back six times while visiting his ex-wife at her condominium to discuss divorce terms. He sustained permanent injuries.
Following a high-profile trial, Ms. Joudrie underwent a psychiatric assessment and a review board determined she should stay in the hospital. The board meets monthly and will review her status at a later date, a prosecution spokeswoman said.
GM selects BFS as '95 Supplier of Year
NASHVILLE, Tenn.-General Motors has named Bridgestone/Firestone Inc.'s global operations as a 1995 GM Supplier of the Year. The carmaker picked 158 of its 30,000 suppliers for its highest international honor.
Several GM groups judged suppliers on quality, service, manufacturing time and price.
In North America, BFS supplies Firestone tires as exclusive original equipment on all of GM's Saturn Corp. cars and supplies Firestone and Bridgestone tires for several GM sport/utility vehicles as well as the Geo Prizm.