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Genuine Parts Co Announces the Launching of Its Take-Over Bid

11 November 1998

Genuine Parts Company Announces the Launching of Its Take-Over Bid for Shares of UAP Inc.

    ATLANTA--Nov. 10, 1998--Genuine Parts Company . Genuine Parts Company announced today that its wholly-owned subsidiary, Genuine Parts Acquisition Inc., has launched its previously announced take-over bid for all of the outstanding Class A Restricted Voting Shares and Class B Shares of UAP Inc. ("UAP") for an all cash consideration of CA$28.50 per share.
    The formal offer circular was mailed to UAP shareholders yesterday. The offer will be subject to customary conditions, including regulatory approvals, and the condition that not less than 66 2/3% of the outstanding shares of UAP on a fully diluted basis, other than the shares already held by Genuine Parts, shall be tendered under the offer. The offer will be opened for acceptance until 5:00 p.m. (Montreal time) on December 1, 1998, unless extended.
    Genuine Parts Company, headquartered in Atlanta, Georgia, is engaged in the distribution of automotive replacement parts from 62 NAPA Distribution Centers serving approximately 5,600 NAPA Auto Parts Stores nationwide, in Canada through its joint venture, NAPA/UAP, and in Mexico through its joint venture, Grupo Auto Todo. The company also distributes industrial replacement parts in the U.S. and Canada through its Motion Industries subsidiary and office supply products nationwide through its office products subsidiary, S. P. Richards Company. EIS, Inc. distributes electrical and electronic components from 56 stocking facilities located throughout the United States.