Business Services Industry
Pacific Cycle to Compete with Huffy Corp. in Bidding for Schwinn.
Knight Ridder/Tribune Business News, August, 2001
By Tom McGhee, The Denver Post Knight Ridder/Tribune Business News
Aug. 2--Huffy Corp. won't be putting a lock on Boulder-based Schwinn/GT if rival Pacific Cycle has anything to say about it.
Pacific, which makes Mongoose bikes that sell in Wal-Mart and other discount stores alongside Huffy's products, is interested in bidding on Schwinn and could offer more than $70 million, said Jack Smith, a lawyer with Holland & Hart, who is handling the matter for Pacific.
Huffy -- based in Miamisburg, Ohio -- has agreed to pay more than $60 million for Schwinn/GT Corp. The deal can't go through without an auction unless Huffy is the only company that expresses an interest in buying the firm.
Schwinn filed for bankruptcy protection on July...
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