WABCO Shareholders Approve ZF Friedrichshafen Acquisition
WABCO Holdings (“WABCO”) (NYSE: WBC), a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles, today welcomed the decision by its shareholders to approve the company’s acquisition by ZF Friedrichshafen AG (“ZF”), a privately held global technology company and systems supplier for passenger cars, commercial vehicles and industrial technology.
At a special meeting of WABCO's shareholders held today in New York, holders representing 68.44% of the Company’s shares outstanding voted in favor of adopting the proposed merger agreement. Overall, 71.97% of WABCO's shareholders participated in the vote.
Under the agreement, ZF will acquire all outstanding shares of WABCO for $136.50 per share in an all-cash transaction for an equity value of over $7 billion.
Jacques Esculier, Chairman and CEO of WABCO, said, "We are very pleased that WABCO’s shareholders have supported our merger plans recognizing that the ZF transaction offers a compelling strategic fit to advance the requirements of our industry, while also providing certainty of value and liquidity for our shareholders.”
The proposed merger remains subject to further customary closing conditions and regulatory approvals. ZF and WABCO continue to expect to close the transaction in early 2020. This merger will bring together two global technology leaders serving OEMs and fleets in the automotive and commercial vehicle industry, combining WABCO’s capabilities in commercial vehicle safety and efficiency, including technologies involved in vehicle dynamics control, active air suspension systems, and fleet management systems with ZF’s leading position in mobility technologies for cars and commercial vehicles.
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