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Hahn Automotive Warehouse Inc.'s stock dipped slightly this week, but continues to trade some 40 percent higher since receiving an offer to take the firm private.
The compaany's shares (Nasdaq: HAHN) more than doubled in value after the proposal was detailed on Jan. 19. Despite the recent decline, the stock was trading at 88 cents a share at midweek. It closed Jan. 18 at 63 cents a share.
After its prolonged struggle to check the decline in its stock price, Hahn Automotive officials want to buy the company's outstanding shares and take the firm private.
Eli Futerman, Hahn's president and CEO, and Daniel Chessin, the company's executive vice president, have offered the board of directors a proposal to acquire, at $1 a share, the approximately 1.7 million outstanding shares of common stock not owned by themselves or under their indirect control.
Daniel McDonald, the company's...