EVANSVILLE, Ind. (Nov. 17, 2016) — Shareholders of wheel maker Accuride Corp. have accepted an offer by New York private equity firm Crestview Partners to acquire the Evansville-based company in a deal valued at $124.5 million.
The deal, originally disclosed in September, calls for Accuride shareholders to receive $2.58 in cash for each share of Accuride common stock, which Crestview said represented a premium of 55 percent over Accuride's closing share price on Sept. 1 and 66 percent over the 30-day volume weighted average price as of the same date.
Accuride said it will remain an independent global company with continuity of leadership, business units and worldwide operations. It will continue to operate under its current brand name and executive leadership team and remain headquartered in Evansville.
Accuride President and CEO Rick Dauch called Crestview a “firm respected for its integrity and expertise in managing assets, and well regarded for enhancing the value of its holdings.
“We are confident that under Crestview's stewardship, Accuride will receive the resources and support needed to realize our vision of becoming the premier supplier of wheel-end system solutions to the global commercial vehicle industry,” Mr. Dauch said.