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Horizon Global More Than Triples On Merger Deal With First Brands

Published 03/01/2023, 12:32
Updated 03/01/2023, 13:40
© Reuters.  Horizon Global More Than Triples On Merger Deal With First Brands

Benzinga -

  • Towing and trailering equipment producer Horizon Global Corp (NYSE: HZN) has entered into a definitive merger agreement with First Brands Group LLC.
  • First Brands will acquire Horizon Global for $1.75 per share in an all-cash deal.
  • The transaction represents a 31% premium to the trading price before the strategic alternative announcement in August 2022, and over 350% premium to the last closing price of $0.3888.
  • Horizon's portfolio of towing and trailering brands will complement First Brand's portfolio of braking solutions, filters, wiper blades, gas springs, spark plugs and fuel and water pumps.
  • "After consideration of a number of different alternatives, the Board believes this Transaction is the best path forward for shareholders to address Horizon Global's capital needs while supporting the long-term growth and sustainability of Horizon Global's business," said John C. Kennedy, interim CEO and Board Chair.
  • The transaction is expected to be completed in Q1 2023.
  • Price Action: HZN shares are trading higher by 339.81% at $1.71 in premarket on the last check Tuesday.
  • Photo Via Company
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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