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Offer Spurs Rise in Global Motorsport Stock

March 25, 1998|Bloomberg News

Global Motorsport Group shares rose 31% after a former chairman of Rite Aid Corp. and his son took a 10.4% stake in the company and offered to buy the rest for $18 a share in cash. Shares in the Morgan Hill-based maker of after-market parts and accessories for Harley-Davidson motorcycles rose $4.38 to close at $18.63 on Nasdaq. Golden Cycle of Harrisburg, Pa., made the offer Monday in a letter to Joseph Piazza, president and chief executive of Global Motorsport. "We believe the $18 price is a full and fair one," Alexander Grass, the controller of Golden Cycle and former Rite Aid chairman, said in the letter. Grass and his son Roger L. Grass made the offer, according to a filing with the Securities and Exchange Commission. Piazza wasn't immediately available for comment. The offer values Global Motorsport at about $90 million, based on 5.07 million shares outstanding as of Oct. 31, according to the company's latest quarterly report.

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