VOXX International Corporation announced that it has entered into an agreement with Gentex Corporation, maker of OEM digital mirrors and automotive electronics, for Gentex to acquire VOXX in an all-cash transaction. Gentex will acquire all shares of VOXX common stock not already owned by Gentex for $7.50 per share, representing a total value of approximately $196 million.
Ari Shalam, Chairman of the board of directors of VOXX, said, “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.”
He added, “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.”
The deal is expected to close during the first quarter of 2025. The transaction is subject to stockholder approval and regulatory approvals.
The $7.50 per share merger represents a premium of approximately 163 percent to VOXX’s Class A common stock price of $2.85 as of August 26, the last trading day before VOXX publicly announced that its board was considering the sale of the company.
Gentex had made an unsolicited proposal to acquire VOXX at $5.50 per share.
See the full press release here.
Founded in 1974, Gentex Corporation is a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies. Members of the aftermarket may know it as the maker of the “Cadillac streaming mirror.” VOXX has been a distributor of Gentex mirrors to the aftermarket.
source: https://www.ceoutlook.com/2024/12/18/voxx-to-be-acquired-by-this-company/
