Parker Automotive Deal Falls Through: The Remington...
From Times Staff and Wire Reports
Parker Automotive Deal Falls Through: The Remington Companies Inc. of Dallas announced Thursday that it has terminated discussions toward making a major investment in Parker Automotive Corp. of Costa Mesa. Remington, which had previously not been identified as the investor negotiating with Parker, said the deal collapsed after Parker’s founder, Michael E. Parker, “attempted to renegotiate” terms that he and other Parker directors had unanimously approved on Tuesday. One of those terms, reported earlier, was the resignation of Parker and a majority of the board.
