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SCHWINN GOES OFF-ROAD WITH PURCHASE OF GT BICYCLES
Published June 24, 1998
CO-based Schwinn Holdings Corp. announced plans to acquire CA-based GT Bicycles in a deal valued at "about" $180M. Schwinn, a privately-owned company, said it will pay $8 a share for GT's 10 million shares of outstanding common stock, as well as assume $100M of GT's debt. On Monday, GT shares were up $2.375, closing at $7.125 per share on the NASDAQ. GT makes off-road mountain bikes and BMX bikes for young adults (DENVER POST, 6/23). Together, Schwinn and GT "will rival Trek as the largest U.S. bike maker to sell through independent dealers" (DENVER POST, 6/23).