Remy International has scheduled a special meeting of Remy stockholders in connection with BorgWarner Inc.’s proposed acquisition of Remy.
The special meeting has been scheduled for Remy stockholders to, among other things, consider and vote upon a proposal to adopt the previously announced merger agreement, dated as of July 12, entered into by Remy, BorgWarner and a wholly owned subsidiary of BorgWarner. Under the terms of the merger agreement, each share of common stock of Remy issued and outstanding immediately prior to the effective time of the merger (other than excluded shares and dissenting shares) will be converted into the right to receive $29.50 per share in cash, without interest and less any applicable withholding taxes.
The special meeting is scheduled to be held at 10 a.m. on Tuesday, Sept. 22 at Remy’s headquarters in Pendleton, Indiana. Stockholders of record as of the close of business on Aug. 14 will be entitled to notice of and to vote (in person or by proxy) at the special meeting and at any adjournment or postponement thereof.
Remy’s board of directors recommends a vote “for” approval of the proposal to adopt the merger agreement.
The closing of the proposed acquisition of Remy by BorgWarner remains subject to other customary closing conditions in addition to the adoption of the merger agreement by Remy’s stockholders, including the making or obtaining of any filings, authorizations, consents or approvals regarding the acquisition required pursuant to antitrust laws in Austria, Germany, China, Korea and Mexico and the termination or expiration of any applicable waiting period thereunder. Assuming the timely satisfaction of the closing conditions, the transaction is expected to be complete in the fourth quarter of 2015.