OWOSSO, Mich., Dec 16 (Reuters) - Sports Resorts International Inc. , a maker of truck accessories, said on Monday that its majority shareholder has offered to buy two of its Michigan-based subsidiaries.
Donald Williamson has offered to buy The Colonel's Inc. and Rugged Liner Inc. by transferring 7 million shares of Sports Resorts stock to the company and pay $6 in cash to all shareholders of record on May 1, 2003.
Shares of Sports Resorts were up $1.12 or 25.5 percent to $5.50 on Nasdaq in afternoon trade.
Sports Resorts said that with this offer it cannot issue any new shares until May 15, 2003.