ZF Friedrichshafen and TRW say they welcome the decision by stockholders of the US supplier to approve the acquisition of the Michigan-headquarted company by its German counterpart.
At a special meeting of TRW’s stockholders representing 79% of the American component manufacturer’s shares outstanding, shareholders voted in favour of adopting the proposed merger agreement. Overall, 81% of TRW’s stockholders participated in the vote.
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“The approval is a milestone in the acquisition process of TRW,” said ZF CEO, Stefan Sommer. “We are very glad the TRW stockholders have supported our plans with such a clear majority.
“This adds to the positive feedback we have received from customers and employees of both companies.”
Under the terms of the merger agreement, ZF will acquire TRW in an all-cash transaction valued at around US$12.4bn based on equity value.
TRW stockholders will receive US$105.60 in cash for each share of TRW stock.
“We are pleased the TRW stockholders have approved the transaction, which provides significant benefits for our stockholders who will receive full and certain value for their shares, as well as for our employees, customers and communities, all of which will reap the benefits of being part of larger, more diversified organisation that is well positioned to serve the automotive industry,” said TRW chairman and CEO, John Plant.
