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Global Motorsport Says It's in Sale Talks

October 30, 1998|Bloomberg News

Global Motorsport Group Inc., the top independent motorcycle parts distributor for Harley-Davidson Inc. motorcycles, said it's been in talks about selling the company to closely held Golden Cycle. Morgan Hill-based Global Motorsport said it will announce results of its efforts to sell the company by Nov. 16. Neither company could be reached for comment. Earlier this week, Golden Cycle asked Global Motorsport holders to replace Global's board. Golden Cycle, based in Wynnewood, Pa., proposed acquiring as many as 4.6 million shares of Global, boosting its stake in the company to 99%. Golden Cycle also said Global refused to negotiate with it. Global Chairman Joseph F. Keenan said in a statement he's disappointed that Golden Cycle "has chosen to . . . mischaracterize our discussions with them." Global Motorsport has about 500 employees and had sales of $122.7 million for the year ended in January. Global Motorsport shares rose 31 cents to close at $17.50 on Nasdaq.

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