Noble International, Ltd. Announces Unsolicited Preliminary Proposal
20 October 1999
Noble International, Ltd. Announces Unsolicited Preliminary Proposal For Purchase Of CompanyBLOOMFIELD HILLS, Mich., Oct. 20 -- Noble International, Ltd. ("Noble") today confirmed, in response to stockholder and analyst inquiries, the August 31, 1999 receipt of an unsolicited preliminary proposal for the acquisition of all of its outstanding stock. In connection with the preliminary proposal, Noble granted the potential purchaser exclusive negotiations through October 14, 1999. Noble engaged BlueStone Capital Partners, L.P. to assist the Board of Directors in analyzing the preliminary proposal. Although the exclusivity period has expired, Noble will continue to consider any definitive proposal made by the potential purchaser. No definitive offer has been made and, if made, may not be accepted by Noble's Board of Directors or stockholders. Noble also intends to engage an investment banker to assist it in determining alternative ways in which to maximize value to the Company's stockholders. In commenting on the unsolicited preliminary proposal, Robert J. Skandalaris, Chairman and Chief Executive Officer of Noble, stated, "We are pleased that there are groups who recognize Noble's strong fundamentals and growth potential. The current market price appears to reflect a certain amount of premium which would be associated with a potential sale transaction. Noble will pursue the course of action which provides the greatest value to our stockholders." Noble is a leading full-service supplier of automotive parts, component assemblies and value-added services to the automotive industry. As a supplier, Noble provides design, engineering, manufacturing, complete program management and other services to the automotive market. Noble delivers integrated component solutions, technological leadership and product innovation to original equipment manufacturers (OEMs) and Tier I automotive parts suppliers thereby helping its customers increase their productivity while controlling costs. Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements, including those detailed in the company's filings with the Securities and Exchange Commission.