Superior Industries acquires 92.3% share in Uniwheels
Aluminium wheel company Superior Industries International, Inc. now holds a 92.3 per cent shareholding in Uniwheels AG after concluding its tender offer for an aggregate consideration of US$714.7 million. This offer was financed through approximately $670 million of newly funded debt, as well as $150 million of Preferred Equity.
“The conclusion of the tender offer marks the beginning of a new chapter for Superior as a leading global supplier of aluminium wheels with a diversified customer base, expanded geographic reach, and a larger platform for future investment,” stated Don Stebbins, Superior’s president and chief executive officer. “We are thrilled to welcome the Uniwheels team to Superior, and believe this is a remarkable opportunity for our company and our collective employees. This highly transformative and synergistic transaction will deliver meaningful benefits for all of our stakeholders and positions the combined company extremely well for future growth and profitability.”
The subscription period for the tender offer expired on 22 May, and at the time 11,445,080 shares had been validly tendered, representing approximately 92.3 per cent of all Uniwheels common stock shares. The shares were acquired by Superior for an average price of 233.67zl (£48.75) per share.
In conjunction with the close of the tender offer, Don Stebbins and Kerry Shiba will join the Uniwheels Supervisory Board.In addition, Ransom A. Langford of TPG Growth was appointed to Superior’s Board of Directors in connection with the firm’s investment in Superior.