GT Bicycles Shareholders Back Acquisition
GT Bicycles Inc. said Tuesday that its shareholders have approved the company’s acquisition by the makers of Schwinn bicycles, a $79-million deal that creates one of the world’s largest bicycle manufacturers.
Santa Ana-based GT is being purchased by Schwinn Holdings Corp., a division of Questor Partners Fund LP. The transaction should close today. Schwinn is buying all 9.9 million shares of GT’s stock for $8 a share. Questor has commitments to finance the acquisition.
GT makes bicycles under the GT, Powerlite, Robinson and Dyno brand names. Privately held Schwinn, based in Boulder, Colo., makes bicycles under the Schwinn and Yeti names.
GT’s stock closed Tuesday at $7.94 in Nasdaq trading, up 13 cents a share.
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