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News Breaks | | | | February 15, 2013 | | 06:03 EDT |  | THRM | Gentherm agrees to acquire all W.E.T. shares for $7.5M
Gentherm announced it has reached an agreement to acquire all the shares of W.E.T. Automotive Systems AG owned by Deutsche Balaton AG, the largest minority shareholder of W.E.T. Deutsche Balaton remains indirectly a shareholder of W.E.T. via Gentherm. Upon completion of the transaction, Deutsche Balaton has agreed to withdraw its legal case opposing the registration of a Domination and Profit and Loss Transfer Agreement, which, under German law, would essentially allow Gentherm and W.E.T. to be managed as one operational entity. The transaction involves the issuance of 3.3M Gentherm common shares and payment of approximately $7.5M in cash in exchange for Deutsche Balaton's 442,253 shares in W.E.T. Closing of the transaction is expected to occur within a few days. | |
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