LIVONIA, Mich. – Consistent with recent media speculation, TRW Automotive Holdings Corp. has confirmed that it received a preliminary, non-binding proposal to be acquired by another company. In a statement, TRW says it is is evaluating the proposal as well as other strategic alternatives that may enhance stockholder value. "The company will continue to execute its existing business plan while it conducts this analysis," it said in a statement.
The company seeking to acquire TRW Automotive, according to media reports, is Germany’s ZF Friedrichshafen AG. According to a report from Bloomberg, a merger of these two businesses would create the world’s second-largest auto-parts supplier by sales.
TRW said it has not made a decision to pursue any specific strategic transaction or any other strategic alternative, and there is no set timetable for the strategic review process. The company retained Goldman, Sachs & Co. as its financial adviser.
