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| Exchange Disseminated Time 20/01/2017 08:43:21 | Motherson Sumi Systems Ltd has informed BSE that the Board of Directors of the Company at their meeting held on January 19, 2017 have approved a proposal to make a voluntary, recommended public tender offer to acquire all the issued and outstanding shares and option rights in PKC Group Pic ("PKC") having its headquartered in Helsinki, Finland and currently listed on the Nasdaq Helsinki stock exchange. The acquisition will be made through a wholly owned subsidiary (directly/indirectly) of the Company, to be setup for the purpose.
The Board has also approved for signing of Combination Agreement between the Company and PKC for the proposed transaction. Accordingly, Combination Agreement has been executed by the Company.
PKC is a global tier 1 supplier of wiring harness and associated components to Original Equipment Manufacturers (OEMs) in the Heavy & Medium Duty Commercial Vehicles and Locomotive segments across North America, Europe, Brazil and China. |
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