Remy International stockholders have approved the previously announced agreement and plan of merger that provides for the acquisition of Remy by BorgWarner Inc. Stockholders approved the measure at a special stockholders meeting called for the occasion.
John Weber, chairman of the board of directors of Remy International, commented, “We’re pleased that our stockholders have shown overwhelming support for our plan to join BorgWarner. This transaction provides substantial value to our stockholders and will benefit our employees, business partners and customers around the globe.”
Completion of the acquisition remains subject to customary closing conditions, including receipt of approvals required pursuant to antitrust laws in China and Korea and the termination or expiration of any applicable waiting period thereunder in such jurisdictions.
As previously announced by Remy on Aug. 12, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the acquisition. In addition, German antitrust approval for the acquisition was received on Sept. 7, and Austrian and Mexican antitrust approvals for the acquisition were received on Sept. 18.
Subject to the satisfaction of the closing conditions, the transaction is currently expected to be complete in the fourth quarter of 2015.