American Axle & Manufacturing quashes sale rumors

Vertigo3d/E+ via Getty Images

American Axle & Manufacturing Holdings (NYSE:AXL) quieted talk of a takeover on Monday.

The Detroit-based automotive supplier was the subject of a Bloomberg report on Friday, suggesting the company was a target of a leveraged buyout through a private equity firm. Though a significant debt load was suggested as a potential roadblock, the report suggested interest in the firm remains strong.

However, the interest is apparently unrequited by the company itself.

“While our long-standing policy is to not publicly comment on market rumors and media speculation, we feel it is important to clarify that we are not engaged in a process to sell the company,” the company stated in a press release on Monday. “We are currently focused on executing our stand-alone strategy.”

While the statement added that the company is open to “strategic opportunities that serve the best interests of the company”, this does not include a sale at this time.

Shares rose nearly 13% about three hours prior to the start of trading for the week as the rumors nonetheless continue to circulate.

Read more on the company’s recent earnings results.