March 10, 2022 | Industrials | North America | Ended

Meritor / Cummins: Deal Insights

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 ...

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