WEST PALM BEACH, Fla., March 10, 2016 /PRNewswire/ -- Fuel Systems Solutions, Inc. ("Fuel Systems") announced on March 7, 2016, that it had signed an Amendment ("Amendment") to the previously announced Agreement and Plan of Merger ("Merger") between Fuel Systems and Westport Innovations Inc. ("Westport") dated September 1, 2015. Mr. Miller opposed the original Merger as outlined in a press release dated January 21, 2015. As a result of the Amendment, he announces a change in his voting intentions for the reasons stated below.
Mr. Miller now intends to vote in favor of the proposed Merger. After reviewing the Amendment, and specifically the collar-based exchange ratio provision, Mr. Miller believes that the revised terms will improve consideration and protections for stockholders of Fuel Systems in light of current market volatility. With respect to governance, Mr. Miller also supports the addition of an independent Board member to be nominated by directors of Fuel Systems post-Merger, as provided under the Amendment. In short, Mr. Miller believes that the Amendment addresses certain concerns outlined in his prior press release.
Lloyd I. Miller, III is the beneficial owner of more than 715,000 shares of common stock of Fuel Systems, representing approximately 4% of the outstanding shares. The information in this press release is based on public filings by Fuel Systems and Westport. The Amendment for the Merger is described in and fully presented as an exhibit to the Form 8-K filed by Fuel Systems with the Securities and Exchange Commission on March 7, 2016. Mr. Miller is not soliciting votes of other shareholders, but only informing other shareholders of Fuel Systems of the change in his voting intentions and reasons for voting in favor of the Merger as amended.
CONTACT: Eric W. Fangmann, 561-287-5399 or firstname.lastname@example.org
SOURCE Lloyd I. Miller III