Autokiniton Global Group will acquire Tower International, Inc. TOWR for $31 per share in cash. The transaction represents a 70% premium to Tower's closing stock price on Thursday.
Autokiniton Global Group is a supplier of metal-formed components and complex assemblies to the automotive industry. Tower is a manufacturer of engineered automotive structural metal components and assemblies.
"We are extremely pleased to reach agreement with AGG on a mutually beneficial transaction that creates substantial value for Tower stockholders, customers and colleagues,” said said Tower President and CEO Jim Gouin. “Tower stockholders benefit from an immediate share price premium. Tower customers will benefit from the expanded product offering and manufacturing footprint of Tower and AGG.”
Autokiniton Global Group is a portfolio company of KPS Capital Partners, a private equity firm with over $5 billion of assets under management.
Tower International shares traded higher by 68.3% to $30.76 on Friday morning. The stock has a 52-week high of $36.65 and a 52-week low of $17.15.
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