Superior Industries offers $715 million for Germany's Uniwheels
WARSAW -- U.S. aluminium wheel supplier Superior Industries International has launched an offer to buy a majority stake in Uniwheels for around $715 million after winning the support of the German company's biggest shareholder.
Superior Industries, based near Detroit in Southfield, Michigan, 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.
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 such as BMW, Mercedes, PSA and Volkswagen.
Superior CEO Don Stebbins, in a statement, said: “The acquisition immediately establishes us as a leading global supplier of aluminum wheels, diversifies our customer base and end markets, expands our geographic reach, and creates a platform to better serve our global customers. This is a remarkable opportunity for Superior, Uniwheels and our collective employees and shareholders.”
Stebbins took over the helm of Superior nearly three years ago. He moved the longtime supplier's headquarters from southern California to Michigan about a year later.
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.
“We are truly delighted to join forces with Superior," Uniwheels CEO Thomas Buchholz said in a statement. "The combination brings together highly complementary product technologies and manufacturing processes, creating global scale and positioning the business for profitable and sustainable growth."
Uniwheels shares debuted on the Warsaw stock exchange in May 2015 at 105 zlotys apiece in one of the exchange's biggest share offerings of recent years.
Automotive News contributed to this report.