Fuel Systems Solutions, Inc.NASDAQ
Fuel Systems Solutions: A Turnaround Play?
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
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.
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.