Sevcon Stockholders Approve Acquisition by BorgWarner
September 22 2017 - 4:05PM
Sevcon, Inc. (Nasdaq:SEV), a world leader in the design and
manufacture of controls and battery chargers for zero emission
electric and hybrid vehicles, today announced that its stockholders
overwhelmingly approved the proposed acquisition of Sevcon by
BorgWarner Inc. at the Special Meeting of Stockholders held on
September 22, 2017.
Holders of more than 99% of Sevcon’s common stock present at the
meeting voted in favor of approving and adopting the merger
agreement, and holders of more than 95% of each of Sevcon’s common
stock and Series A convertible preferred stock present at the
meeting voted in favor of a charter amendment to confirm the
consideration to be paid to preferred stockholders in the
merger.
Subject to satisfaction or waiver of all other conditions, the
closing of the acquisition is expected to occur on or about
September 27, 2017. Upon the closing, BorgWarner would acquire all
of the outstanding shares of Sevcon’s common stock for $22.00 per
share in cash and all of the outstanding shares of Sevcon’s Series
A convertible preferred stock for a price per share on an
as-converted basis equal to the common stock ($66.00), together
with payment of accrued and unpaid dividends.
“The merger with BorgWarner provides substantial value to our
stockholders and the chance for us to maximize previous growth
investments and capitalize on greater opportunities as a part of a
much larger organization with significant market presence,” said
Sevcon President and CEO Matt Boyle.
About SevconSevcon is a global supplier of
control and power solutions for zero-emission, electric and hybrid
vehicles. Its products control on- and off-road vehicle speed and
movement, integrate specialized functions, optimize energy
consumption and help reduce air pollution. Sevcon’s Bassi Division
produces battery chargers for electric vehicles; power management
and uninterrupted power source systems for industrial, medical and
telecom applications; and electronic instrumentation for battery
laboratories. The company supplies customers from its operations in
the U.S., U.K., France, Germany, Italy, China and the Asia Pacific
region, as well as through an international dealer network. Learn
more about Sevcon at www.sevcon.com.
About BorgWarnerBorgWarner Inc. (NYSE:BWA) is a
global product leader in clean and efficient technology solutions
for combustion, hybrid and electric vehicles. With manufacturing
and technical facilities in 62 locations in 17 countries, the
company employs approximately 27,000 worldwide. For more
information, please visit borgwarner.com.
Contact:
Matt
Boyle
President and
CEO
+1 (508) 733 3655
(US)
matt.boyle@sevcon.com
Cautionary Statement Regarding Forward Looking
StatementsThis document includes “forward-looking
statements” within the meaning of the securities laws. The words
“will,” “expect,” “believe,” “future” and similar expressions are
intended to identify information that is not historical in
nature.
This document contains forward-looking statements relating to
the proposed transaction between Sevcon and BorgWarner. All
statements, other than historical facts, including statements
regarding the expected timing of the closing of the transaction;
the ability of the parties to complete the transaction considering
the various closing conditions; the competitive ability and
position of BorgWarner following completion of the proposed
transaction; and any assumptions underlying any of the foregoing,
are forward-looking statements. Such statements are based upon
current plans, estimates and expectations that are subject to
risks, uncertainties and assumptions. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. The inclusion of such statements should not be regarded
as a representation that such plans, estimates or expectations will
be achieved. You should not place undue reliance on such
statements. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include, among others, that one or more closing conditions to the
transaction may not be satisfied or waived, on a timely basis or at
all, the transaction may involve unexpected costs, liabilities or
delays, and that the expected benefits of the merger may not be
realized.
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