North American and European commercial vehicle industries supplier, Accuride, says based on votes cast at the company’s Special Meeting of shareholders, approval has been granted for the proposed transaction with Crestview Partners.
In the terms of the merger agreement with Crestview Partners, except as otherwise provided, Accuride shareholders will receive US$2.58 in cash for each share of Accuride common stock they own.
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With approval by Accuride shareholders, all approvals required to complete the proposed merger have been received. Accuride and Crestview expect to complete the transaction on 18 November.
With headquarters in Evansville, Indiana, Accuride Corporation is a supplier of components to the North American and European commercial vehicle industries, whose products include commercial vehicle wheels, wheel-end components and assemblies.
The company’s products are marketed under its brand names, which include Accuride, Accuride Wheel End Solutions, Gunite and Gianetti Ruote.
Data from just-auto’s QUBE service shows the commercial vehicle sector to be highly cyclical and is considered a bellwether for the health of other automotive sectors.
Globally, the cyclical nature of the heavy truck market has been masked by a strong growth trend in emerging markets.
