PENDLETON, Ind., Dec. 20, 2010 /PRNewswire/ -- Remy International, Inc. today announced it is extending the time period for its current shareholder consent solicitation. That solicitation was due to expire today December 20, 2010.
Last Friday, December 17, the Company was advised that the Delaware Court of Chancery issued an order enjoining the Company from proceeding with the shareholder consent solicitation, pending additional disclosures in the solicitation with respect to the proposed rights offering that is scheduled to close mid-January 2011.
The order was issued in connection with a shareholder action filed by JB Capital Partners, L.P. against Remy challenging the sufficiency of the disclosures provided in the solicitation materials circulated to common shareholders in November 2010. According to Company records, JB Capital Partners, L.P. owns 286,025 shares or approximately 2.66% of the Remy outstanding common stock.
To comply with the court order, the Company plans to issue a supplement to common shareholders and extend the date for closing the shareholders consent until January 4, 2011. Shareholders are advised not to take any action pending the additional disclosures. Shareholders who previously voted to approve the rights offering transactions will have the right to withdraw their prior consent should they wish to do so in light of the additional disclosures. Shareholders will also be asked to affirmatively consent to amend the Company's Certificate of Incorporation to include a redemption preference in the Certificates of Designation for the Company's Series A and Series B preferred stock.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Remy International, Inc.
Remy International, Inc., headquartered in Pendleton, Indiana, is a leading global manufacturer, remanufacturer and distributor of light duty starters and alternators and Delco Remy brand heavy-duty systems. Remy International also manufactures and distributes electric propulsion motors designed with leading edge technology and backed by the security of over a billion miles of proven reliability. In business for over 100 years, today Remy International is actively collaborating with companies throughout the world to develop innovations that are transforming the vehicle industry. Recently, Remy International was recognized by the United States Department of Energy for its leadership role in the hybrid technologies space and awarded a $60 million grant under the Electric Drive Vehicle Battery and Component Manufacturing Initiative.
To learn more, visit the Remy brand website at www.remyinc.com
Safe Harbor Statement
This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities of Remy International, Inc.
This press release contains forward-looking statements. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan" and similar expressions are generally intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Although Remy International, Inc. believes the assumptions underlying the forward-looking
CONTACT: Matt Steward, Westcomm, email@example.com, 317-270-4894
SOURCE Remy International, Inc.