American Axle & Manufacturing Holdings, Inc.NYSE
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  • Thu, Nov. 3, 8:51 AM
    • Metaldyne Performance Group (NYSE:MPG) is set to soar after the company received a buyout offer from American Axle & Manufacturing (NYSE:AXL) in a cash and stock deal. The transaction values MPG at $21.82 per share to rep a +50% premium over the closing price yesterday.
    • The merger is expected to generate annual cost synergies of $100M to $120M for the combined entity.
    • Previously: American Axle & Manufacturing acquires Metaldyne (Nov. 3)
    • AXL -6.62% premarket to $15.51.
    | Thu, Nov. 3, 8:51 AM
  • Thu, Nov. 3, 7:31 AM
    • American Axle & Manufacturing Holdings (NYSE:AXL) announces it will acquire Metaldyne Performance Group (NYSE:MPG) for ~$1.6B in cash and stock, plus the assumption of $1.7B in net debt.
    • Under the terms of the deal, each share of MPG's common stock will be converted into the right to receive $13.50 per share in cash and 0.5 share of American Axle common stock.
    • American Axle shareholders will own approximately 70% of the combined company.
    • On a pro forma basis, the combined entity will represent nearly $7B of annual sales and have the potential to generate over $1.2B of EBITDA and $400M of free cash flow after full integration.
    • Source: Press Release
    | Thu, Nov. 3, 7:31 AM