Big O Hires PaineWebber to Evaluate Alternatives
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NEWPORT BEACH — Big O Tires Inc. said Tuesday that it has hired PaineWebber Inc. to “evaluate alternatives for enhancing the company’s value.” In a news release, the company said it gave Paine Webber a date in September by which to provide an assessment of its current financial model and business plan and suggest other alternatives open to the company.
The move was forced by shareholders unhappy with the performance of the company’s stock. Last month, Big O’s management lost a proxy fight led by the company’s biggest shareholder, Kenneth Pavia of Balboa Investment Group LP in Newport Beach, who wanted the company to hire an investment bank.
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