On September 28, Modine Manufacturing fell 6.5% in regular trading, trading at $183.02/share, with turnover of $63.86 million. The decline came as the company's planned spinoff of its Performance Technologies business and subsequent merger with Gentherm approaches its expected October 1 closing date.

On September 18, Modine disclosed additional transaction details including the record date for the spinoff, while Gentherm simultaneously announced a special cash dividend of approximately $58.4 million, or an estimated $1.90 per share, payable on October 7 to shareholders of record as of September 28. Notably, Modine shareholders who receive Gentherm common stock through the merger will not be entitled to the special dividend. Gentherm shareholders had previously approved the acquisition of Modine's Performance Technologies business at a special meeting on September 11.

Upon completion of the transaction, Modine Manufacturing will rebrand as Modexus Solutions, repositioning itself as a diversified thermal management solutions company. The proximity of the closing date, combined with the dividend record date falling on the same day, likely triggered heightened trading activity and portfolio rebalancing among investors adjusting positions ahead of the corporate restructuring.

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