1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
----------------------
Date of Report (Date of earliest event reported) June 26, 2000
-------------
CENTURY BUSINESS SERVICES, INC.
-------------------------------
(Exact name of registrant as specified in its charter)
Delaware 22-2769024
-------- ----------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
0-25890
-------
(Commission File Number)
6480 Rockside Woods Blvd., South, Suite 330
Cleveland, Ohio 44131
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code (216)447-9000.
-------------
2
Item 2. Disposition of Assets
On June 26, 2000 Century Business Services, Inc. entered into a binding
agreement for the previously announced sale of its risk-bearing insurance
operations, contingent upon regulatory approval.
Avalon National Corporation and a consortium of financial entities
including Stonehenge Partners, Inc.; Colonial Banc Corp.; First Mutual of
Richmond, Inc.; and Ohio Valley Banc Corp., have entered into the agreement to
purchase the division for $31,000,000 in cash. The purchase price was determined
as a result of arms-length negotiations. Century's risk-bearing insurance
division includes Century Surety Company, Evergreen National Indemnity Company,
Continental Heritage Insurance Company. Also included as part of the sale are
Century's indirect wholly-owned subsidiaries American Inspection and Audit
Services, Inc. and CSC Insurance Agency, Inc. Proceeds from the sale will be
used for debt reduction.
Item 7. Exhibits
The following document is filed as part of this report.
c) Exhibits
99.3 Stock Purchase Agreement by and among Century Business
Services, Inc., CBSI Management Co. and Avalon National
Corporation dated June 26, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENTURY BUSINESS SERVICES, INC.
Date: July 11, 2000 /s/ Jerome P. Grisko, Jr.
---------------------------------------
Jerome P. Grisko, Jr.
President