Acquisition of Horizon Global Expected to Close on Feb. 8
PLYMOUTH, Mich. – The acquisition of Horizon Global Corporation, one of the world’s leading manufacturers of branded towing and trailering equipment, by First Brands Group LLC, a global automotive parts manufacturer that serves the worldwide automotive aftermarket, is expected to close on Feb. 8, 2023, according to a release.
First Brands Group and Horizon Global today (Feb. 7) announced that First Brands’ tender offer expired one minute after 11:59 p.m. Eastern Time on Monday, Feb. 6, 2023. According to a release, in the tender offer First Brands is to purchase:
- (a) any and all issued and outstanding shares of common stock of Horizon Global (NYSE: HZN) at a price of $1.75 per share (the “Common Stock Offer Price”) and
- (b) any and all issued and outstanding shares of Series B preferred stock of Horizon Global at a price equal to the Redemption Price (pursuant to the Certificate of Designations, Preferences and Rights of Series B Preferred Stock of Horizon Global Corporation) per share of Series B preferred stock calculated as of the closing date of the acquisition of Horizon Global (the “Preferred Stock Offer Price”) (the Common Stock Offer Price and the Preferred Stock Offer Price are referred to herein as the “Offer Price”) subject to any required withholding of taxes, net to the seller in cash without interest.
First Brands and Horizon Global expect the transaction to close on Feb. 8, 2023, promptly following the acceptance of all shares of preferred stock and common stock validly tendered and not validly withdrawn in the tender offer.
The depository agent for the tender offer has advised that, as of the expiration of the tender offer, 100% of the shares of Horizon Global’s preferred stock were validly tendered and not withdrawn, and a total of 25,727,921 shares of Horizon Global’s common stock were validly tendered and not withdrawn. Such shares of Horizon Global’s common stock represent approximately 92.77% of the shares of common stock issued and outstanding as of the expiration of the offer, which satisfied the minimum tender condition.
Source: https://rvbusiness.com/acquisition-of-horizon-global-expected-to-close-on-feb-8/
