TRW is confirming it has received a preliminary and non-binding proposal to acquire the business, although it insists it is evaluating the possibility “as well as other strategic alternatives.”
The US supplier had been the focus of intense speculation today (10 July) ZF Friedrichshafen was a potential suitor, although TRW in Michigan earlier did not elaborate on any details to just-auto.
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“TRW Automotive Holdings confirmed today it received a preliminary, non-binding proposal to acquire the company,” said a TRW statement.
“The company has not made a decision to pursue any specific strategic transaction or any other strategic alternative and there is no set timetable for the strategic review process.
“There can be no assurance the process described above will result in the consummation of any transaction or any changes to the company’s current business plan.
“The company undertakes no obligation to provide further updates and does not intend to comment further regarding the evaluation of any offers or strategic alternatives until such time as its board of directors has determined the outcome of the process or otherwise has deemed that disclosure is appropriate”
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By GlobalDataGoldman, Sachs & Co has been retained as financial advisor.
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