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Karsch Capital's ownership of CSK Auto dips below 5%
By Lisa Kerner
Charlotte, N.C., Feb. 5 - CSK Auto Corp. investors led by Karsch Capital Management, LP sold 2,500,240 shares of the company's stock on Jan. 28 and Feb. 4 priced at $5.52 and $9.40 per share, respectively.
With the sale, the investors' stake in the company fell below 5%, to 3.6%.
The investors beneficially own 1,596,590 shares of CSK's outstanding stock, according to a schedule 13D filing with the Securities and Exchange Commission.
It was previously reported that in September, Karsch urged CSK's board to review strategic alternatives, including a sale of the company. At the time, Karsch had a 9.32% ownership interest in CSK.
CSK announced on Feb. 4 that it had adopted a shareholder rights plan in connection with its strategic review process.
O'Reilly Automotive, Inc. made an unsolicited bid for the company on Feb. 1. The offer would give CSK shareholders $8.00 cash per share in a deal valued at $845 million including $490 million of CSK debt.
O'Reilly Automotive is an automotive specialty retailer based in Springfield, Mo.
CSK Auto is a Phoenix-based specialty retailer of auto parts and accessories.
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