By Ian Walker
American Axle & Manufacturing Holdings increased the terms of its offer to buy London-listed automotive engineering group Dowlais Group, as previously agreed.
The Detroit, Mich.-based company has increased the terms of its offer to reflect a lower number of Dowlais shares in issue after the company cancelled 27.9 million shares that were previously held by the Melrose Employee share ownership trust.
At the time of the original agreement on Jan. 29, AAM said it would increase its terms upon cancellation of the shares.
It said Thursday that the increased terms don't change the total value of the deal which stood at 1.16 billion pounds ($1.57 billion) when it was announced on Jan. 29.
Under the new terms accepting Dowlais shareholders will get 0.0881 new AAM shares and 43 pence in cash compared with 0.0863 new AAM shares and 42 pence in cash as previously agreed.
Dowlais shareholders can also keep the final dividend of 2.8 pence a share, which was paid on May 29.
Dowlais shares were up 0.2 pence, or 0.3%, at 66.20 pence in mid-afternoon European trading. However, they are currently down 2.1% over the year to date.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 05, 2025 09:35 ET (13:35 GMT)
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