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Superior Industries offers $715 mln for Uniwheels
March 23, 2017 / 10:09 AM / 8 months ago

Superior Industries offers $715 mln for Uniwheels

WARSAW, March 23 (Reuters) - U.S. aluminium wheel maker Superior Industries International has launched an offer to buy Uniwheels for around $715 million after winning the support of the Warsaw-listed company’s biggest shareholder.

Superior Industries said on Thursday it had agreed to buy the 61.3 stake in Uniwheels held by Uniwheels Holding Malta for 226.50 zlotys per share and was offering 235.83 zlotys each for the remaining shares - below the current stock price.

Uniwheels shares, which surged 74 percent last year and have risen around another 17 percent this year, were down 4.8 percent to 243.6 zlotys at 0945 GMT.

Superior Industries, the largest supplier of aluminium wheels for light vehicles in North America, said the deal would create one of the world’s largest suppliers of such wheels to the automotive industry.

Germany-headquartered Uniwheels supplies aluminium wheels to carmakers including BMW, Mercedes, PSA and Volkswagen.

Uniwheels shareholders can subscribe to sell their shares between April 12 and May 25. The settlement of the tender offer is due on May 30.

Uniwheels shares debuted on the Warsaw stock exchange in May 2015 at 105 zlotys apiece in one of the bourse’s biggest share offerings of recent years. (Reporting by Agnieszka Barteczko; Editing by Mark Potter)

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