NEW BOSTON, Mich.,
Sept. 30, 2019 /PRNewswire/ -- Autokiniton US Holdings,
Inc. ("AGG") today announced the completion of its acquisition of
Tower International, Inc. (NYSE: TOWR) ("Tower"), a leading manufacturer of
engineered automotive structural metal components and assemblies,
for $31 per share in cash. AGG
is a subsidiary of Autokiniton Global Group, LP, a portfolio
company of KPS Capital Partners, LP ("KPS"), a leading global
private equity firm with approximately $5.1
billion of assets under management, as of June 30, 2019.
The tender offer for the outstanding shares of Tower's common
stock, which was made in connection with the Agreement and Plan of
Merger, dated as of July 12, 2019, by
and among AGG, Tiger Merger Sub, Inc. ("Merger Sub") and
Tower (the "Merger Agreement"),
expired at 5:00 p.m., Eastern
Daylight Time, on September 27,
2019. Following the successful completion of the tender
offer, on September 30, 2019, AGG
completed the acquisition of Tower
through the merger of Merger Sub with and into Tower without a vote of Tower's stockholders pursuant to
Section 251(h) of the General Corporation Law of the
State of Delaware. As a result of the merger, Tower became a wholly owned subsidiary of AGG
and its shares of common stock will no longer trade on the New York
Stock Exchange.
In connection with the merger, each share of common stock of
Tower not validly tendered into
the Offer (other than certain shares and shares held by any
stockholder who is entitled to demand and has properly demanded
appraisal for such shares in accordance with, and who complies in
all respects with, Section 262 of the DGCL) has been cancelled and
converted into the right to receive $31 per share, in cash, net of applicable
withholding, without interest in accordance with the Merger
Agreement.
About Tower
Tower International is a leading manufacturer of engineered
automotive structural metal components and assemblies primarily
serving original equipment manufacturers. Tower offers automotive customers a broad
product portfolio, supplying body-structure stampings, frame and
other chassis structures, and complex welded assemblies for small
and large cars, crossovers, pickups, and sport utility vehicles.
Headquartered in Livonia,
Michigan, Tower has
approximately 5,700 employees and 2018 full-year revenue of
$1.6 billion. Tower has 14 manufacturing facilities
strategically located throughout the
United States, Mexico, and
Brazil supported by five
engineering and sales locations throughout the world.
About Autokiniton Global Group
AGG is a leading North American supplier of metal-formed
components and complex assemblies to the automotive industry.
AGG manufactures body structures, interiors, closures, thermal
management components, and chassis components. Headquartered
in New Boston, Michigan, AGG has a
product portfolio that is well-positioned for key automotive
trends, including electrification, lightweighting, emission
reduction regulations and increased cross over utility
vehicle/sport utility vehicle (CUV/SUV) penetration. AGG
maintains long-standing relationships with its blue-chip customers
including General Motors, Ford, Nissan, Fiat Chrysler Automobiles,
Honda, Tesla and BMW.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager
of the KPS Special Situations Funds, a family of investment
funds with approximately $5.1 billion
of assets under management (as of June
30, 2019). For over two decades, the Partners of
KPS have worked exclusively to realize significant capital
appreciation by making controlling equity investments in
manufacturing and industrial companies across a diverse array of
industries, including basic materials, branded consumer, healthcare
and luxury products, automotive parts, capital equipment and
general manufacturing. KPS creates value for its investors by
working constructively with talented management teams to make
businesses better, and generates investment returns by structurally
improving the strategic position, competitiveness and profitability
of its portfolio companies, rather than primarily relying on
financial leverage. The KPS Funds' portfolio companies
currently have aggregate annual revenues of approximately
$6.7 billion, operate 106
manufacturing facilities in 28 countries, and have approximately
24,000 employees, directly and through joint ventures
worldwide. The KPS investment strategy and portfolio
companies are described in detail at www.kpsfund.com.
AGG Contact for Media Relations:
Mark Semer or Daniel
Yunger, Kekst CNC, +1 212 521 4800
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SOURCE Autokiniton US Holdings, Inc.