March 10, 2022 | Industrials | North America | Ended
Cummins has entered into a $2.6bn definitive agreement to acquire auto component manufacturer Meritor, a leading supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for the commercial vehicle and industrial markets. Under the terms of the all-cash deal, signed on 22-Feb-22, Cummins will pay $36.50 per share, reflecting a 48% premium to Meritor’s undisturbed price. Cummins said it will fund the merger through a combination of cash and debt while committing to maintain its credit rating. A majority of Meritor shareholders will need to vote in favour of the merger, but a Cummins vote is not required. Other conditions to closing include the receipt of applicable regulatory clearances, including under HSR. The merger proxy ...
Please contact us to request access to this report.