PENDLETON, Ind., Dec. 31, 2014 /TRENDINGGLOBALNEWS/ -- Remy International, Inc. (NASDAQ: REMY)
today announced the completion of the transactions pursuant to the
previously announced merger agreement among Remy International, Inc.
("Old Remy"), Fidelity National Financial, Inc. ("FNF"), New Remy Holdco
Corp. ("New Holdco"), and several wholly owned subsidiaries of FNF (the
"Transaction"). The merger agreement was approved earlier today at a
special meeting of stockholders of Old Remy. As previously disclosed,
the Transaction in effect resulted in the indirect distribution by FNF
of its shares of Old Remy to the holders of Fidelity National Financial
Ventures ("FNFV") Group common stock. Upon the closing of the
Transaction, New Holdco became the new public parent of Old Remy.
Effective upon the closing of the Transaction, New Holdco changed its
name to "Remy International, Inc." New Holdco common shares will be
listed on NASDAQ under the trading symbol "REMY" which is the same
trading symbol as is currently used by Old Remy, and are expected to
begin trading at the market opening on January 2, 2015. Old Remy will continue to trade on NASDAQ through market close on December 31,
2014. New Holdco common shares will have a new CUSIP number of
75971M108. Under the organizational documents of New Holdco, the rights
of the holders of New Holdco common stock are the same as the rights of
holders of Old Remy common stock.
Jay
Pittas, Remy International, Inc.'s President and Chief Executive
Officer commented, "After working diligently on the merger, we are very
pleased with the successful completion of this transformative spin-off
transaction and excited about the next chapter in the long Remy story.
We believe a completely independent Remy with a fully-distributed common
stock will better enable Remy to pursue its strategic plans and be a
catalyst for creating additional long-term value for its shareholders."
About Remy International, Inc.
Founded by the Remy Brothers in 1896, Remy International, Inc. (NASDAQ: REMY)
is a leading global manufacturer and remanufacturer of alternators,
starter motors, electric traction motors, and multi-line products, such
as constant velocity axles, disc brake calipers, and steering gears.
Headquartered in Pendleton, Indiana,
with global operations across five continents and 10 countries, Remy
International, Inc. markets products under the Delco Remy®, Remy®, World
Wide Automotive® and USA
Industries® brands. Known for innovation, efficiency, quality, and
best-in-class customer service and support, Remy International Inc.'s
products are integrated by leading industrial, specialty, automotive and
heavy-duty OEMs, and aftermarket providers worldwide. We Start the
World & Keep It Running™.
Cautionary Statements Regarding Forward-Looking Information
This
press release contains certain statements relating to future events and
Remy International, Inc.'s intentions, beliefs, expectations, and
predictions for the future. Any such statements other than statements of
historical fact are forward-looking statements within the meaning of
the Securities Act of 1933 and the Securities Exchange Act of 1934.
Words or phrases such as "will likely result," "are expected to," "will
continue," "is anticipated," "we believe," "we expect," "estimate,"
"project," "may," "will," "intend," "plan," "believe," "target,"
"forecast," "would" or "could" (including the negative or variations
thereof) or similar terminology used in connection with any discussion
of future plans, actions, or events, including with respect to the
Transaction, generally identify forward-looking statements. These
forward-looking statements include, but are not limited to, statements
regarding expected benefits of the Transaction, the expected timing of
completion of the Transaction, and Remy International, Inc.'s
anticipated future financial and operating performance and results,
including its estimates for growth. These statements are based on the
current expectations of Remy International, Inc.'s management. There are
a number of risks and uncertainties that could cause Remy
International, Inc.'s actual results to differ materially from the
forward-looking statements included in this communication.
In
light of these risks, uncertainties, assumptions, and other factors,
the forward-looking statements discussed in this communication may not
occur. Other unknown or unpredictable factors could also have a material
adverse effect on Remy International, Inc.'s actual future results,
performance, or achievements. For a further discussion of these and
other risks and uncertainties applicable to Remy International, Inc. and
its business, see Remy International, Inc.'s Annual Report on Form 10-K
for the fiscal year ended December 31, 2013
and subsequent filings with the Securities and Exchange Commission (the
"SEC"). As a result of the foregoing, readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this communication. Remy International, Inc. does
not undertake, and expressly disclaims, any duty to update any
forward-looking statement whether as a result of new information, future
events, or changes in its expectations, except as required by law.
SOURCE: http://www.prnewswire.com/news-releases/remy-international-inc-announces-shareholder-approval-and-closing-of-proposed-merger-agreement-300014847.html
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