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DWL

-0.30%
NEUTRAL

Dowlais Group PLC Announces Increased Offer Price Due to Share Cancellation

Why we think this is neutral

The RNS announcement does not contain any of the mandatory news types, such as contract news, order news, trading update, or annual results. It is an update on the acquisition of Dowlais Group PLC by American Axle & Manufacturing Holdings, Inc., specifically regarding a share cancellation and an increase in the offer price. As this is not a major operational or financial update, the sentiment is considered neutral.

Key Points

  • Dowlais Group PLC has acquired and cancelled 27,865,471 ordinary shares
  • American Axle & Manufacturing Holdings, Inc. has agreed to increase the cash and share consideration payable per Dowlais Share

Summary

The automotive parts manufacturer announces an increase in the offer price for its acquisition due to a share cancellation.

Dowlais Group PLC has announced that it has acquired and cancelled 27,865,471 ordinary shares, which were previously held by the Melrose Employee Share Ownership Trust. As a result, American Axle & Manufacturing Holdings, Inc. has agreed to increase the cash and share consideration payable per Dowlais Share under the proposed combination.

GENERAL UPDATE