Magna International (MGA) Announces Termination of Merger Agreement With Veoneer (VNE)
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Magna International Inc. (TSX: MG; NYSE: MGA) today announced that the board of directors of Veoneer, Inc. has determined that the previously announced proposal by Qualcomm Incorporated to acquire Veoneer for $37 per share is a superior proposal under the terms of the previously announced merger agreement between Magna and Veoneer, and that Magna has waived the four-day matching period to make a counterproposal. Accordingly, Veoneer has terminated its merger agreement with Magna and entered into a merger agreement with Qualcomm.
In connection with the termination of the merger agreement with Magna, Veoneer will pay a termination fee of $110 million to Magna.
“Magna’s waiver decision underscores our disciplined approach to valuation as we pursue strategic acquisitions and continue to act in the best interests of our shareholders,” said Swamy Kotagiri, Magna's CEO. “We remain confident in our long-term value creation potential and our path forward as one of the world’s largest automotive suppliers and key enabler to meet future mobility needs.”
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