General Motors Buys Specialized (Comments: 1)

General Motors has acquired Specialized Bicycle Components, reports the San Jose Business Journal. The boards of directors of both companies approved the acquisition earlier today. The acquisition is expected to be completed in the third quarter of 2008 pending regulatory approval in the US, Canada and Europe. Terms of the all-share acquisition from Specialized Founder and President Mike Sinyard and Merida of Taiwan were not disclosed.

The deal does not include GM acquiring any of the 19 Specialized Concept Stores, a retail formula launched in 2006. All Specialized Concept Stores are independently owned.

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