TBC may soon purchase Del-Nat
A deal that would result in the purchase of Del-Nat Tire Corp. by TBC Corp. has been agreed to in principle.
Del-Nat CEO Brian Grant sent a letter to his shareholders informing them of Del-Nat's decision to accept TBC's purchase offer. However, certain details need to be ironed out before the deal is finalized.
Grant was named interim CEO last June when Del-Nat reorganized its senior management team. In the letter to Del-Nat shareholders, he referenced how Del-Nat's turnaround efforts were "significantly impacted" by the recent countervailing duties imposed on consumer imports from China by the U.S. Department of Commerce.
Modern Tire Dealer will keep you posted on the of the status of the preliminary agreement.