US: BorgWarner secures China Remy buy approval
Remy says China's Ministry of Commerce has approved the acquisition of the company by BorgWarner, with the inking the last of the regulatory approvals needed.
Remy currently expects the closing of the transaction will take place on 10 November, subject to the satisfaction or waiver of the remaining customary conditions to closing set forth in the merger agreement.
In the event the closing occurs prior to the end of business on 11 November, holders of Remy common stock prior to the closing of the transaction will not be entitled to receive the Remy dividend otherwise payable on 25 November.
Remy International, Inc. Announces Receipt of Final Regulatory Approval for BorgWarner Inc.'s Acquisition of Remy International, Inc.
PENDLETON, Ind., Nov. 4, 2015 /PRNewswire/ -- Remy International, Inc. (NASDAQ: REMY) announced today that on November 4, 2015, the Ministry of Commerce of the People's Republic of China provided written notice, dated November 3, 2015, that it had approved the proposed acquisition (the "Transaction") of Remy by BorgWarner Inc. (NYSE: BWA). Such approval was the last of the regulatory approvals sought in connection with the Transaction.
As previously announced by Remy, on September 22, 2015, Remy's stockholders adopted the Agreement and Plan of Merger, dated as of July 12, 2015 (the "Merger Agreement"), by and among Remy, BorgWarner and Band Merger Sub, Inc. at a special meeting ofRemy's stockholders called for such purpose.
Remy currently expects that the closing of the Transaction will occur on November 10, subject to the satisfaction or waiver of the remaining customary conditions to closing set forth in the Merger Agreement, which include:
the accuracy of each party's representations and warranties (subject to customary materiality qualifiers);
each party's compliance with its agreements and covenants contained in the Merger Agreement; and
the absence of any law, ordinance, rule, regulation, order, judgment or decree being in effect that restrains or enjoins, or otherwise prohibits or makes illegal, the consummation of the Transaction.
In the event that the closing for the Transaction occurs prior to the close of business on November 11, 2015, holders of Remy common stock prior to the closing of the Transaction will not be entitled to receive the Remy dividend otherwise payable onNovember 25, 2015.
Original source: http://ir.remyinc.com/phoenix.zhtml?c=132337&p=irol-newsArticle&ID=2106954