Automotive aluminum wheels manufacturer Superior Industries (NYSE:SUP) has received an acquisition offer from M2 Capital and shares of the company are soaring higher today as a result.
M2 has put forth a tender offer to snap up all of Superior’s outstanding shares. The $5.85 per share offer represents a 36% premium over the stock’s November 10 closing price.
The move sets up M2 as a leading player in the supply of aluminum wheels while creating one of the biggest private providers of aluminum wheels globally.
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The offer is expected to be completed in the first quarter of 2023 and the total consideration is pegged at $160 million.
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