Malibu Chairman Boosts His Offer to Buy Company
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Malibu Grand Prix Chairman Ira L. Young has boosted his offer to buy the 41% of Malibu’s stock that he does not already own.
His revised offer is for 95 cents a share or $4.9 million. In July, he offered to pay 90 cents a share, or about $4.63 million. He sweetened his offer following negotiations with an independent committee of the company’s board of directors.
Based in Woodland Hills, Malibu operates 39 amusement centers in the United States that feature amateur auto-racing tracks, miniature golf courses and other recreation facilities.
Young has been Malibu’s chairman since 1984. In 1987, Malibu earned a profit of $2.6 million on sales of $30.2 million.
Young’s revised offer to buy the remaining shares of the company will be submitted to shareholders for approval before year-end.
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