VOXX International to be Acquired by Gentex Corporation in All-Cash Transaction for $7.50 per Common Share
VOXX International has announced a definitive merger agreement with Gentex , where Gentex will acquire VOXX in an all-cash transaction valued at approximately $196 million. Under the agreement, Gentex will purchase all outstanding VOXX shares for $7.50 per share, representing a 163% premium over the unaffected closing price of $2.85 on August 26, 2024.
The transaction was unanimously approved by VOXX's transaction committee and disinterested board members after a thorough sales process led by Solomon Partners. The Shalam family, holding approximately 57% of voting power, has agreed to vote in favor of the merger. The deal is expected to close during Q1 2025, subject to stockholder approval and regulatory clearances.
VOXX International ha annunciato un accordo di fusione definitivo con Gentex, in base al quale Gentex acquisir脿 VOXX in una transazione interamente in contante valutata a circa 196 milioni di dollari. Secondo l'accordo, Gentex acquister脿 tutte le azioni in circolazione di VOXX a 7,50 dollari per azione, il che rappresenta un premio del 163% rispetto al prezzo di chiusura non influenzato di 2,85 dollari del 26 agosto 2024.
La transazione 猫 stata approvata all'unanimit脿 dal comitato delle transazioni di VOXX e dai membri del consiglio non interessati dopo un attento processo di vendita guidato da Solomon Partners. La famiglia Shalam, che detiene circa il 57% del potere di voto, ha concordato di votare a favore della fusione. Si prevede che l'accordo si chiuda durante il primo trimestre del 2025, soggetto all'approvazione degli azionisti e alle autorizzazioni normative.
VOXX International ha anunciado un acuerdo de fusi贸n definitivo con Gentex, donde Gentex adquirir谩 VOXX en una transacci贸n totalmente en efectivo valorada en aproximadamente 196 millones de d贸lares. Seg煤n el acuerdo, Gentex comprar谩 todas las acciones en circulaci贸n de VOXX a 7.50 d贸lares por acci贸n, lo que representa una prima del 163% sobre el precio de cierre no afectado de 2.85 d贸lares el 26 de agosto de 2024.
La transacci贸n fue aprobada de manera un谩nime por el comit茅 de transacciones de VOXX y los miembros del consejo que no tienen inter茅s despu茅s de un exhaustivo proceso de ventas liderado por Solomon Partners. La familia Shalam, que posee aproximadamente el 57% del poder de voto, ha acordado votar a favor de la fusi贸n. Se espera que el acuerdo se cierre durante el primer trimestre de 2025, sujeto a la aprobaci贸n de los accionistas y a las autorizaciones regulatorias.
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VOXX International a annonc茅 un accord de fusion d茅finitif avec Gentex, par lequel Gentex va acqu茅rir VOXX dans une transaction enti猫rement en esp猫ces d'une valeur d'environ 196 millions de dollars. Selon l'accord, Gentex ach猫tera toutes les actions en circulation de VOXX pour 7,50 dollars par action, ce qui repr茅sente une prime de 163 % par rapport au prix de cl么ture non affect茅 de 2,85 dollars du 26 ao没t 2024.
La transaction a 茅t茅 approuv茅e 脿 l'unanimit茅 par le comit茅 des transactions de VOXX et par les membres du conseil d茅sint茅ress茅s apr猫s un processus de vente approfondi dirig茅 par Solomon Partners. La famille Shalam, d茅tenant environ 57 % des droits de vote, a convenu de voter en faveur de la fusion. La cl么ture de l'accord est pr茅vue pour le premier trimestre 2025, sous r茅serve de l'approbation des actionnaires et des autorisations r茅glementaires.
VOXX International hat eine endg眉ltige Fusionsvereinbarung mit Gentex bekannt gegeben, bei der Gentex VOXX in einer vollst盲ndig in bar abgewickelten Transaktion im Wert von etwa 196 Millionen Dollar erwerben wird. Gem盲脽 der Vereinbarung wird Gentex alle ausstehenden VOXX-Aktien zu einem Preis von 7,50 Dollar pro Aktie kaufen, was eine Pr盲mie von 163 % gegen眉ber dem unbeeinflussten Schlusskurs von 2,85 Dollar am 26. August 2024 darstellt.
Die Transaktion wurde durchweg vom Transaktionsausschuss von VOXX und von nicht interessierten Vorstandsmitgliedern nach einem gr眉ndlichen Verkaufsprozess unter der Leitung von Solomon Partners einstimmig genehmigt. Die Familie Shalam, die etwa 57 % der Stimmrechte h盲lt, hat sich bereit erkl盲rt, f眉r die Fusion zu stimmen. Der Abschluss der Vereinbarung wird im ersten Quartal 2025 erwartet, vorbehaltlich der Genehmigung durch die Aktion盲re und der regulatorischen Freigaben.
- All-cash transaction at $7.50 per share, representing 163% premium over pre-announcement price
- Total enterprise value of approximately $196 million
- Unanimous approval from transaction committee and board members
- Strong shareholder support with 57% voting power committed to the deal
- Company being sold after strategic alternatives exploration, suggesting possible operational challenges
- Subject to regulatory and stockholder approval, creating execution risk
Insights
Transaction Implies
The
Ari Shalam, Chairman of the board of directors of VOXX, stated "the transaction with Gentex ensures a seamless transition for our brands, employees, customers and partners. After a thorough and exhaustive sales process, the disinterested members of the board, the transaction committee and I unanimously support this decision, believing that it represents the best and most reliable path forward to maximize value for all VOXX stockholders. My father, John Shalam, who founded VOXX 60 years ago, and I are incredibly proud of the legacy we have built and the remarkable accomplishments of the VOXX team. We are confident that under Gentex's stewardship, VOXX's legacy will continue to thrive for the benefit of our stakeholders."听
Simultaneously with the execution of the merger agreement, John and Ari Shalam, along with certain family members, entered into a voting agreement pursuant to which they agreed to vote their shares of common stock in favor of the proposed merger, with such voting obligation terminating should the Merger Agreement be validly terminated or the Board of Directors or transaction committee making a recommendation adverse to the Merger Agreement and the merger.听 The Shalam family beneficially own 1,935,898 shares of Class A common stock and 2,260,954 shares of Class B common stock, representing approximately
The proposed transaction, which was approved by VOXX's Board of Directors, acting on the unanimous recommendation of a transaction committee of the Board of Directors comprised entirely of directors unaffiliated with Gentex, is expected to close during the first quarter of calendar year 2025. The proposed transaction is subject to stockholder approval, receipt of anti-trust regulatory approvals and other customary closing conditions.
Advisors
Solomon Partners is serving as financial advisor to the Transaction Committee of the Board of Directors of VOXX, and Bryan Cave Leighton Paisner LLP is serving as its legal counsel. Stopol & Camelo, LLP acted as legal counsel to VOXX.听 Jones Day is serving as legal counsel and Acropolis Advisors are serving as financial advisor to Gentex and its Board of Directors.
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VOXX International (NASDAQ:听VOXX) has grown into a worldwide leader in听the Automotive Electronics听and Consumer Electronics industries. Over the past several decades, VOXX has built market-leading positions in in-vehicle entertainment and automotive security, as well as in a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers. For additional information, please visit our website at .
About Gentex
Founded in 1974, Gentex Corporation is a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies.听 For additional information, visit Gentex's web site at .听
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company or the solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in
Additional Information Regarding the Merger and Where to Find It
This communication relates to the proposed merger involving the Company, Gentex and a wholly-owned subsidiary of Gentex ("Merger Sub"), whereby Merger Sub shall be merged with and into the Company (the "proposed merger"), with the Company as the surviving corporation and a wholly-owned subsidiary of Gentex. The proposed merger will be submitted to the stockholders of the Company for their consideration at a special meeting of the stockholders. In connection therewith, the Company intends to file relevant materials with the
This communication may be deemed to be solicitation material in respect of the proposed merger contemplated by the Merger Agreement.
Certain Information Regarding Participants in the Solicitation
The Company, Gentex and certain of their directors, executive officers and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information regarding the Company's directors and executive officers is contained in the Company's definitive proxy statement on Schedule 14A for the 2024 annual meeting of stockholders, filed with the SEC on June 10, 2024. Information regarding Gentex's directors and executive officers is contained in the Gentex's definitive proxy statement on Schedule 14A for the 2024 annual meeting of stockholders, filed with the SEC on April 4, 2024, and Gentex's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 22, 2024.
Additional information regarding the participants in the proxy solicitation and a description of their direct or indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement, Schedule 13E-3 and other relevant documents filed with the SEC regarding the proposed merger, if and when they become available. Free copies of these materials may be obtained as described in the preceding paragraph.
Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements: (i) the risk that the proposed merger may not be completed in a timely manner or at all, which may adversely affect the Company's business and the price of its shares of common stock, (ii) the failure to satisfy the conditions to the consummation of the proposed merger, including the adoption of the Merger Agreement by the stockholders of the Company, and the receipt of certain governmental and regulatory approvals in a timely manner or at all or that such approvals may be subject to conditions that are not anticipated, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (iv) the effect of the announcement or pendency of the proposed merger on the Company's business relationships, operating results and business generally, (v) the risk that the proposed merger disrupts the Company's current plans and operations and potential difficulties in the Company's employee retention as a result of the proposed merger, (vi) the risk of litigation and/or regulatory actions related to the proposed merger or unfavorable results from currently pending litigation and proceedings or litigation and proceedings that could arise in the future, (vii) the risk that the proposed merger and its announcement could have an adverse effect on the ability of the Company to retain and hire key personnel and to maintain relationships with customers, vendors, employees, stockholders and other business partners and on its operating results and business generally, (viii) the risk that the Company's business will be adversely impacted during the pendency of the acquisition, (ix) significant transaction costs, and (x) risks related to disruption of management attention from ongoing business operations due to the proposed merger. Readers are advised to carefully consider the foregoing risk factors and the other risks and uncertainties that affect the businesses of the Company described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports the Company files with the SEC.
Investor Relations Contact:听 听 听 听 听 听 听 听 听 听 听 听
Glenn Wiener, President & CEO
GW Communications (for VOXX)听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Email: gwiener@gwcco.com
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