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September 14, 2021

Veoneer provides update regarding discussions with Qualcomm.

Veoneer evaluating terms of Qualcomm’s proposal in consultation with financial and legal advisors.

By Simon Warburton

Veoneer says it has received an updated non-binding proposal from Qualcomm providing for the acquisition of all the outstanding shares of Veoneer at a price of US$37 per share in cash, following Qualcomm’s public announcement of a proposal on 5 August, 2021.

Veoneer is evaluating all terms of Qualcomm’s proposal in consultation with its financial and legal advisors and notes it will, if appropriate, engage in negotiations with Qualcomm and/or Magna to determine the best outcome for its stockholders.

“There can be no assurances Veoneer’s discussions with Qualcomm will result in a transaction the Veoneer board of directors determines is superior to Veoneer’s pending transaction with Magna,” said a Veoneer statement.

“On 22 July, 2021, Veoneer announced it entered into a definitive merger agreement, approved by Veoneer’s board of directors, with Magna International.

“The merger agreement with Magna remains in full force and effect and the board of directors of Veoneer has not withdrawn or modified its recommendation the stockholders of Veoneer vote in favour of the approval of the merger, the merger agreement and the transactions contemplated thereby.”

Morgan Stanley and Rothschild are serving as financial advisors to Veoneer and Skadden, Arps, Slate, Meagher & Flom is serving as legal advisor.

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