Remy International Inc. announced that, on Oct. 13, the Korea Fair Trade Commission granted approval of the proposed acquisition of Remy by BorgWarner Inc.
As previously announced by Remy on Sept. 22, Remy’s stockholders adopted the agreement and plan of merger, approved by and among Remy, BorgWarner and Band Merger Sub Inc. at a special meeting of Remy’s stockholders.
The closing of the transaction remains subject to the satisfaction or waiver of certain customary conditions, which include:
- the receipt of any approval required under Chinese antitrust law and the termination or expiration of any applicable waiting period thereunder;
- the accuracy of each party’s representations and warranties (subject to customary materiality qualifiers);
- each party’s compliance with its agreements and covenants contained in the merger agreement; and
- the absence of any law, ordinance, rule, regulation, order, judgment or decree being in effect that restrains or enjoins, or otherwise prohibits or makes illegal, the consummation of the transaction.
