Accuride is recommending its shareholders vote the supplier be acquired by affiliates of Crestview Partners at at a Special Meeting on 15 November.
“We are pleased ISS and Glass Lewis [advisers] support the proposed Crestview transaction and recognise the significant and immediate value Crestview’s all-cash US$2.58 per share offer provides Accuride shareholders,” said Accuride chairman, John Risner.
“The Crestview transaction was the outcome of an extensive and thorough strategic review process and ISS’ and Glass Lewis’ endorsement aligns with the Accuride Board’s conviction this value-maximising transaction is the best available outcome for the company and its shareholders.”
After the transaction closes, Accuride will remain an independent global company with continuity of leadership, business units and worldwide operations. It will continue to operate under its current brand name and remain headquartered in Evansville, Ind., USA, with operations in the United States, Canada, Mexico and Italy. President and CEO Rick Dauch and the members of the Accuride Leadership Team will continue to lead the business after the transaction closes.
With headquarters in Evansville, Ind., USA, Accuride Corporation is a leading supplier of components to the North American and European commercial vehicle industries. The company’s products include commercial vehicle wheels and wheel-end components and assemblies.