Fuel Systems Solutions, Inc. (FSYS) - NASDAQ
  • Mon, May 16, 10:54 AM
    • Fuel Systems Solutions (FSYS +2%) co-founder Pier Antonio Costamagna issues a statement on the company's upcoming merger with Wesport Innovations (WPRT +0.5%). The snippets below tell you pretty clearly which way Costamagna is voting with his 8.7% stake.
    • "It is stunning to me the FSS Board continues to move ahead with this merger in light of the consistent and alarming state of Westport."
    • "FSS shareholders are receiving no premium at the current implied offer, which only continues to decline."
    • "FSS will be a significant contributor but under the Amended Merger Agreement will receive an inadequate stake in the combined company."
    • Full statement
    • Now read Fuel Systems Solutions Shareholders Must Reject The Proposed Merger With Westport Innovations
    | Mon, May 16, 10:54 AM | 12 Comments
  • Tue, May 10, 8:41 AM
    • Pier Antonio Costamagna, a co-founder of Fuel Systems Solutions (NASDAQ:FSYS), will be voting against the company's proposed merger with Westport (NASDAQ:WPRT).
    • Reasons: 1) The Amended Merger Agreement does not reflect a fair value for FSS shareholders. 2)The Cartesian Financing clearly strangles the future of the combined firm. 3) FSS' split board vote and extraordinary director actions demonstrate a clear concern over future value of the combined business.
    • Costamagna has sole voting power over 1,576,043 shares of FSS common stock, representing an approximately 8.7% stake.
    | Tue, May 10, 8:41 AM | 8 Comments
  • Sep. 1, 2015, 10:02 AM
    • Fuel Systems Solutions (NASDAQ:FSYS) agrees to be acquired by Westport Innovations (NASDAQ:WPRT) in an all-stock deal valued at ~$7.54/share; trading halted.
    • The companies say the deal will create "a premier alternative fuel vehicle and engine company," resulting in a combined equity value of $351M based on Aug. 31 closing prices and combined annual revenues of $380M-$405M projected for 2015.
    • The companies cite significant potential for improved profitability even in current volatile market conditions, including untapped savings and merger synergies in excess of $30M/year starting in 2016 and fully realized by 2018.
    • Shares are scheduled to resume trading at 10:20.
    | Sep. 1, 2015, 10:02 AM | 5 Comments
Company Description
Fuel Systems Solutions, Inc. designs, manufactures and supplies cost effective alternative fuel components and systems for transportation and industrial applications. Its systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas used in internal... More
Industry: Auto Parts
Country: United States