CSK Auto speeds away on buyout news
Shares of CSK Auto Corp. (NYSE:CAO) are rising on news before the opening that the automotive parts retailer will be purchased rival by O'Reilly Automotive, Inc. (Nasdaq:ORLY) for about $1 billion, including approximately $500 million of debt.
“After careful consideration of a number of viable alternatives, our board has determined that partnering with O’Reilly is clearly the best course of action for our shareholders,” said CEO Larry Mondry in a press release.
At 1:58 p.m. ET, the stock had added $2.24, or 24%, to $11.55. For detailed price information and recent news stories about CSK Auto Corp., click CAO.
