Magna International Inc. and Donnelly Corporation have announced that the purported class action lawsuit seeking to enjoin Magna's acquisition of Donnelly was withdrawn by the plaintiff and dismissed with prejudice, without any amount paid by any of the defendants to the plaintiff and without any change in any of the terms or provisions of the merger agreement.

Magna and Donnelly continue to expect the merger to close on October 1, 2002, following the special meeting of Donnelly shareholders to be held on September 30, 2002. The merger is subject to the satisfaction or waiver of a number of conditions, including clearance from the antitrust regulatory authorities in the European Union.