Crestview Partners Completes Accuride (ACW) Acquisition
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Accuride Corporation (NYSE: ACW) announced the completion of its acquisition by funds managed by Crestview Partners (“Crestview”), a leading New York based private equity firm, pursuant to the merger agreement it announced on September 2, 2016. Accuride’s shareholders adopted the merger agreement at the Company’s Special Meeting of Shareholders held on November 15, 2016.
Accuride President and CEO Rick Dauch said, “Today marks the start of a new and exciting chapter for our storied company. As a stand-alone business within Crestview’s portfolio of companies, Accuride will serve as a platform for further growth and consolidation in the global wheels and wheel-end sectors as we continue to deliver world-class operating performance and products for our customers. Our Executive Leadership Team is energized to lead Accuride into this new phase of expansion for our business and look forward to working closely with the Crestview team.”
Alex Rose, Partner at Crestview and co-head of the firm’s industrials strategy, commented: “We are impressed by Accuride’s commitment to excellent service and the strong reputation they have built over the course of their history. We believe this acquisition will allow Accuride to focus on long-term initiatives and, in doing so, will grant the Company flexibility to improve on its current business model. We look forward to working with the existing management team to support Accuride as it enters this next phase of growth.”
Under the terms of the merger agreement shareholders are entitled to receive $2.58 in cash per share of the Company’s common stock. As a result of the transaction, the Company's common stock will cease to trade on the New York Stock Exchange prior to the opening of the market on November 21, 2016 and will be delisted. The Company will terminate its registration and reporting obligations with the Securities and Exchange Commission.
Rick Dauch will continue to serve as Accuride’s President and CEO, supported by the other members of the Company’s Executive Leadership Team. Accuride will continue to operate under its current brand name and remain headquartered in Evansville, Ind., USA, with operations in the United States, Canada, Mexico and Italy.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Herbalife (HLF) Provides Q4, FY17 Guidance in Memorandum for $1.325B Credit Facility; Lowers FY17 Sales Guidance
- EXCO Resources (XCO) Announces Receipt of NYSE Continued Listing Standard Notice
- FTC not sold on Walgreens' plan to win nod for Rite Aid deal: Bloomberg
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions, Private Equity
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!