Joint Press Release - Intier privatization completed
April 04 2005 - 12:56PM
PR Newswire (US)
Joint Press Release - Intier privatization completed AURORA, ON,
April 4 /PRNewswire-FirstCall/ -- Magna International Inc. (TSX:
MG.SV.A., MG.MV.B; NYSE: MGA) ("Magna") and Intier Automotive Inc.
(TSX: IAI.SV.A; NASDAQ: IAIA) ("Intier") today jointly announced
that Magna's privatization of Intier by way of a plan of
arrangement under Ontario law, which received shareholder approval
on March 30, 2005 and final court approval on April 1, 2005, became
effective at 12:01 a.m. on April 3, 2005. As a result, Intier has
become a wholly-owned subsidiary of Magna. In consideration for
Magna's acquisition of all of the issued and outstanding Class A
Subordinate Voting shares of Intier not already owned by it, Magna
will issue 2,332,748 Class A Subordinate Voting shares in exchange
for Intier Class A Subordinate Voting shares and pay approximately
Cdn.$62,163,800 to Intier shareholders who made cash elections and
for fractional shares. For purposes of the cash elections, the
volume-weighted average trading price of Magna's Class A
Subordinate Voting shares on the Toronto Stock Exchange ("TSX")
over the five trading days ended April 1, 2005 was Cdn.$81.2455 per
share, resulting in a payment of Cdn.$33.3107 per share for Intier
shareholders who made cash elections. Otherwise, Intier
shareholders will receive 0.41 of a Magna Class A Subordinate
Voting share for each Intier Class A Subordinate Voting share under
the arrangement. Intier is a global full service supplier and
integrator of automotive interior and closure components, systems
and modules. It directly supplies most of the major automobile
manufacturers in the world with approximately 24,100 employees at
74 manufacturing facilities, and 15 product development,
engineering and testing centres in North America, Europe, Brazil,
Japan and China. Magna, the most diversified automotive supplier in
the world, designs, develops and manufactures automotive systems,
assemblies, modules and components, and engineers and assembles
complete vehicles, primarily for sale to original equipment
manufacturers of cars and light trucks in North America, Europe,
Mexico, South America and Asia. Magna's products include:
automotive interior and closure components, systems and modules
through Intier Automotive; metal body systems, components,
assemblies and modules through Cosma International; exterior and
interior mirror and engineered glass systems through Magna
Donnelly; fascias, front and rear end modules, plastic body panels,
exterior trim components and systems, greenhouse and sealing
systems and lighting components through Decoma International;
various engine, transmission and fueling systems and components
through Tesma International; a variety of drivetrain components
through Magna Drivetrain; and complete vehicle engineering and
assembly through Magna Steyr. Magna has over 81,000 employees in
223 manufacturing operations and 56 product development and
engineering centres in 22 countries. DATASOURCE: Magna
International Inc. CONTACT: For further information about this
press release, please contact Vincent J. Galifi, Executive
Vice-President and Chief Financial Officer of Magna at (905)
726-7100, or Michael McCarthy, Executive Vice-President and Chief
Financial Officer of Intier at (905) 898-5200
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