Big O Tires to Modify Proxy Statement
A major shareholder in Big O Tires Inc. said Monday that the tire products retailer has agreed to demands that it modify a soon-to-be released proxy statement.
The shareholder, Kenneth Pavia, is general partner in Balboa Investment Group LP of Newport Beach, a limited partnership that controls 9.6% of the company’s shares.
On Monday, Big O Tires of Englewood, Colo., agreed to his demands that it not count abstentions and broker non-votes when shareholders vote on whether to hire an investment banker who would explore ways to enhance shareholder value, including sale of the company.
“We think there are people out there willing to pay more than the present market price for Big O,” Pavia said. “We’re aware of some people who are interested.”
The result of the proxy vote will be announced June 8 at the company’s annual meeting.
Big O Tires owns or operates 354 stores nationwide, about 15 of them in Orange County. It has 34 stores in Canada.
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