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News Breaks | | | | May 18, 2011 | | 05:27 EDT |  | FSYS | AFS Acquisition acquires Approximately 83.3% of Fuel Systems' Alternative Fuel
Fuel Systems Solutions and Alternative Fuel Systems, or AFS, announced that AFS Acquisition Co. Inc., a wholly-owned indirect subsidiary of Fuel Systems, took up and accepted for payment 15,704,867 common shares of AFS, epresenting approximately 83.3% of the outstanding AFS Shares on a fully-diluted basis, pursuant to its previously announced offer to acquire all of the outstanding AFS Shares, including all AFS Shares that may be issued on the exercise of options granted under AFS's stock option plan, at a price of Cdn.$0.50 in cash per AFS Share by way of a formal take-over bid. By written notice given to the depositary for the Offer, the Offeror has also extended the time for acceptance of the Offer from 5:00 p.m. Calgary time on May 17, to 5:00 p.m. on May 31, in order to enable the remaining shareholders to receive prompt payment of the same Cdn.$0.50 per share consideration under the Offer. A notice announcing the extension of the Offer will promptly be mailed to holders of AFS Shares. | |
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