On October 2, Modine Manufacturing rose 5.05% in pre-market trading, trading at $182.0/share, with turnover of $57,800.

On the news front, Modine Manufacturing and Gentherm officially completed the previously announced Reverse Morris Trust transaction on October 1, under which Modine spun off its Performance Technologies business and combined it with Gentherm. Modine shareholders received 0.44619 shares of Gentherm common stock for each Modine share held, resulting in Modine shareholders owning approximately 43.62% of the combined company. Modine received approximately $156 million in cash from SpinCo, which was used to repay outstanding debt. Gentherm also declared a special cash dividend of $2.07 per share, payable October 7 to stockholders of record as of September 28, though Modine shareholders who received Gentherm shares through the merger are not entitled to the dividend. Following the transaction, Modine Manufacturing will officially rebrand as Modexus Solutions, focusing on diversified thermal management solutions.

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