CSK Auto Corp. has entered in a standstill agreement with O'Reilly Automotive to share non-public information relating to CSK’s business as a part of the CSK Board of Directors' ongoing review of strategic alternatives.

O’Reilly announced it will now participate in this process. Approximately 20 other companies are participating as well. Last week, O'Reilly offered CSK $8 per share for all of its common stock as part of a hostile takeover bid. O'Reilly said it does not intend to provide any further updates with regard to the standstill agreement.

CSK Auto also issued a statement on the standstill agreement.

“Our Board is currently exploring alternatives for preserving and maximizing stockholder value and, in connection with this effort, more than 20 parties have been granted access to non-public information related to CSK’s business,” said Larry Mondry, CSK Auto’s president and chief executive officer. “We are pleased that we have been able to reach an agreement with O’Reilly that will enable them to participate in our process.”