WEST PALM BEACH, Fla., Jan. 21, 2016 /PRNewswire/ -- Lloyd I. Miller III is the beneficial owner of more than 569,500 shares of common stock of Fuel Systems Solutions, Inc. ("Fuel Systems") (Nasdaq), representing approximately 3.1% of the outstanding shares. On September 1, 2015, Fuel Systems and Westport Innovations Inc. (TSX/Nasdaq) ("Westport") announced a stock-for-stock merger (the "Merger"), in which stockholders of Fuel Systems would receive common shares of Westport and own only 37.6% of the shares of the combined company.
Mr. Miller announces that he opposes and intends to vote against the proposed Merger. He believes that the fixed exchange ratio undervalues existing sizable cash balances of Fuel Systems, especially under declining market conditions. He would consider supporting a business combination on more favorable terms after payment of a significant cash dividend to stockholders of Fuel Systems.
The proposals for the approval of the Merger are more fully described in the Form F-4/A filed by Westport with the Securities and Exchange Commission on December 28, 2015, which includes a proxy statement for Fuel Systems. The information in this press release is based on public filings by Fuel Systems and Westport. Mr. Miller is not soliciting votes of other shareholders, but only informing other shareholders of Fuel Systems of his voting intentions and reasons for opposing and voting against the Merger.
CONTACT: Eric Fangmann, 561-287-5399 or firstname.lastname@example.org
SOURCE Lloyd I. Miller III