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The Deal: O'Reilly Automotive has agreed to acquire Hi-Lo Automotive in a merger worth $46.9 million. Terms call for a subsidiary of O'Reilly to acquire all of Hi-Lo's shares for $4.35/share in cash Upon completion of the tender offer, O'Reilly will consummate a second step merger in which remaining Hi-Lo stockholders will also receive $4.35/share in cash The deal was entered into by the two companies only after Hi-Lo terminated its previously announced merger with Discount Auto Parts (see CGR it%8) and paid the required termination fee of $4 million