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May 2, 2014
07:16 EDTVCVisteon signs agreement to divest majority of automotive interiors business
Visteon announced an agreement to divest the majority of its global automotive interiors business to an affiliate of Cerberus Capital Management, L.P. The transaction is expected to be completed by Dec. 31. Visteon also announced it has completed a previously announced agreement to sell its 50 percent ownership stake in a Korean automotive interiors joint venture, Duckyang Industry, as part of the divestiture of its interiors business. Under terms of the agreement with the Cerberus affiliate, Visteon will divest the interiors operations for nominal consideration and will contribute up to $95M to the business. The Cerberus affiliate will assume approximately $20M of pension and other liabilities of the business, while Visteon will retain ownership in certain real estate and other assets in South America and Europe worth, in aggregate, about $35M. Visteon also will provide support services to the Cerberus affiliate. Terms of this agreement are generally consistent with previously provided guidance on Visteon's exit of the interiors business. Also, Visteon has agreed to provide a seller-backed revolver to bridge any shortfall of a targeted $90M of external credit facilities if the complete amount is not available by closing, to be repaid by the buyer, if drawn, once additional committed facilities are in place after the transaction closes. The $90M of financing is not anticipated to be utilized at closing and simply adds to the liquidity of the business. The amount of the potential Visteon-backed revolver, if any, is difficult to assess, but is not expected to exceed $20M once all external credit facilities are put in place.
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September 11, 2014
07:25 EDTVCVisteon price target raised to $130 from $122 at JPMorgan
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September 10, 2014
12:56 EDTVCVisteon split would eliminate conglomerate discount, says UBS
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10:29 EDTVCVisteon board weighing split into two companies, Bloomberg says
The board of Visteon is exploring a plan to split up its electronics and climate controls divisions into two separate companies, but has yet to hire advisers to help with a potential break-up, said Bloomberg, citing people familiar with the matter. A restructuring would probably not be finished this calendar year, one of the people said, and Visteon is also considering a potential sale of the electronics business, the report added. Shares of Visteon are up over 4% in morning trading following the report. Reference Link
10:13 EDTVCVisteon shares jump 2% after Bloomberg says board mulling break-up
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10:12 EDTVCVisteon board weighing split into two companies, Bloomberg says
Visteon has not hired advisers on a potential break-up yet and is said to be unlikely to complete a split, if pursued, this year, Bloomberg added.

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