PHOENIX (AP) - CSK Auto Corp. said Thursday that it entered in a standstill
agreement with fellow automotive parts retailer O'Reilly Automotive Inc. that
will allow it to share nonpublic information relating to its business.
The announcement came after O'Reilly on Friday made a hostile bid to acquire
CSK for about $352 million in stock. CSK responded Monday by adopting a "poison
pill" shareholder rights plan in an effort to prevent a takeover.
CSK hired JPMorgan Chase & Co. in December to help evaluate strategic
alternatives for the company. More than 20 parties executed customary
confidentiality and standstill agreements, but O'Reilly originally declined to
be part of the process, CSK said.
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