SOUTHFIELD, Mich.--(BUSINESS WIRE)--Superior Industries International, Inc. (NYSE:SUP), the largest manufacturer of aluminum wheels for light vehicles in North America, today reiterated that the closing of the subscription period for public shareholders of UNIWHEELS AG (“UNIWHEELS”) to tender their shares is Monday, May 22, 2017.
On May 11, 2017, UNIWHEELS Holdings (Malta) Ltd. (“UHM”) announced that it had tendered its shares for a cash consideration of 226.5zl, a 4% discount to the 236.07zl public tender offer price, into the takeover offer announced by Superior Industries International. Furthermore, the Executive Board of UNIWHEELS disclosed its support for the Superior takeover offer in its Reasoned Statement, which also included a fairness opinion provided by Ludwig & Co that concluded that the public tender offer price was reflective of the fair market value of UNIWHEELS.
Don Stebbins, President and Chief Executive Officer of Superior Industries, commented, “I am pleased to confirm that UHM has tendered its controlling interest in UNIWHEELS. We believe the price received by UHM underscores that the announced tender offer to the public shareholders of UNIWHEELS reflects full and fair value, and encourage all UNIWHEELS public shareholders to tender their shares prior to the close of the subscription period.”
As previously announced, in October 2016, UHM disclosed plans to pursue strategic alternatives for the sale of UNIWHEELS. After a comprehensive evaluation of strategic alternatives for UHM’s ownership of UNIWHEELS, UHM accepted the offer by Superior Industries to acquire its shares for 226.50 zloty per share as the offer was believed to provide the greatest value to UHM as shareholders. This value was assessed by expert advisors to UHM, UNIWHEELS and Superior, and was further substantiated through a competitive sale process conducted by Lazard, a leading investment banker that advised UHM. UHM’s tendering of its 61.3% ownership on May 11, 2017 underscores its belief in the value of Superior’s offer.
About Superior Industries
Headquartered in Southfield, Michigan, Superior is the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America. From its plants in the U.S. and Mexico, the Company supplies aluminum wheels to the original equipment market. Major customers include BMW, FCA, Ford, General Motors, Mazda, Nissan, Subaru, Tesla, Toyota and Volkswagen. Superior is listed on the New York Stock Exchange and is a component of Standard & Poor’s Small Cap 600 and Russell 2000 Indices. For more information, visit www.supind.com.