Minotaur Raises Bid For Ride To $2.25 A Share

PALM BEACH GARDENS, Fla. (Monday, April 12, 8:35 a.m.)–Minotaur Capital Inc. said on Monday it had increased its tender offer for snowboard maker Ride Inc. to $2.25 per share from $1.25.

Shares of Ride, which makes sporting equipment and apparel as well as snowboards and wakeboards, closed at $1.375 on Friday.

Minotaur announced its original tender offer on April 6.

Minotaur urged investors to review its Securities and Exchange Commission filings about the tender offer before making any investment decision.

In last week’s announcement, Minotaur noted that Ride had about $43 million in assets and $21 million in shareholder equity at the end of 1998. For the six months ended in December, Ride had $34.5 million in sales and net income of $2.39 million, or $0.14 per diluted share, based on 16.6 million diluted shares outstanding.