DAYTON, Ohio (AFX) - Reynolds and Reynolds Co., which supplies business forms and computer software to auto dealers, said Fin O'Neill will continue as chief executive following the company's planned buyout by privately held rival Universal Computer Systems Inc.
'I am eager to show Reynolds' customers that Reynolds will continue to be Reynolds,' O'Neill said in a statement. 'I am delighted to lead the combined company.'
Reynolds and UCS announced last week the $2.5 billion deal, which also includes $300 million in assumed Reynolds debt. The deal still needs Reynolds shareholder and regulatory clearances.
The combined company will keep the Reynolds and Reynolds name, as well as its Dayton, Ohio, headquarters.
Shares of Reynolds and Reynolds closed up 9 cents at $38.74 on the New York Stock Exchange.
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