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Gentherm Inc Announces Closing Of Transaction To Acquire All W.E.T. Shares Owned By Minority Shareholder

Thursday, 21 Feb 2013 10:10am EST 

Gentherm Inc announced that the closing of the previously announced acquisition of all the shares of W.E.T. Automotive Systems AG (W.E.T.) owned by Heidelberg, Germany-based Deutsche Balaton AG, the largest minority shareholder of W.E.T. Gentherm issued 3.3 million common shares and paid approximately $7.5 million in cash in exchange for Deutsche Balaton's 442,253 shares in W.E.T. (or 13.8 % of the total outstanding W.E.T. shares). Another minority shareholder in W.E.T. has agreed to sell 23,044 W.E.T. shares to Gentherm for €85 per share in cash. The above acquisitions bring the total stock of W.E.T. held by Gentherm to 2,897,360 shares, representing approximately 90 % of W.E.T.'s outstanding shares.In connection with the closing, Deutsche Balaton withdrew its legal case opposing the registration of a Domination and Profit and Loss Transfer Agreement (DPLTA), which, under German law, allows Gentherm and W.E.T. to be managed as one operational entity. Gentherm has agreed to offer to acquire, upon registration of the DPLTA, the remaining shares of W.E.T. held by other minority shareholders for a total payment of €85 per W.E.T. share, or an aggregate of approximately $37 million in cash. 

Company Quote

1.29 +3.47%
19 Dec 2014