Huffy Shareholders OK Gen-X Acquisition

DAYTON, Ohio – Huffy Corp.’s shareholders on Thursday approved the company’s proposed acquisition of Gen-X Sports Inc., a Toronto-based sporting goods company, for about $54 million.

Huffy announced in June that it had agreed to acquire Gen-X Sports for $19 million plus 5 million shares of Huffy stock.

In trading on the New York Stock Exchange, Huffy shares fell 18 cents to $7.20 a share Thursday.

Huffy Chairman Don Graber said he expects to complete the acquisition next week.

Huffy makes bicycles as well as basketball backboards and systems. Gen-X Sports makes products for golf, snowboarding, inline skating, skiing and hockey.