According to WABCO's shareholder vote on June 27, 2019, 68.44% of WABCO shareholders supported the acquisition by ZF and WABCO at the end of March this year. Under the terms of the transaction reached previously, ZF will acquire WABCO at $136.50 per share in cash, subject to regulatory approval and other normal delivery conditions.
ZF Corporation Building
Wolf-Henning Scheider, CEO of ZF, said: "Wabko's shareholders agree that this important acquisition is a full recognition of our strategy. By joining hands with WABCO, ZF can become a supplier of commercial vehicle technology integration systems, creating long-term value and protection for customers, employees and shareholders. We will work with WABCO's management team to provide safe, efficient and automatic, interconnected in the commercial vehicle sector. Technology and services are at the forefront of the industry."
ZF expects that the transaction will be completed in early 2020. After that, WABCO's common stock portion will not be traded on the open market. During this WABCO acquisition, ZF will continue to focus on customer focus and keep its daily operations steadily moving forward.
The transaction is subject to regulatory approval and compliance with other conventional delivery conditions. ZF expects that the transaction will be completed in early 2020. In view of the cash flow situation of both parties, ZF expects to significantly reduce financial leverage once the transaction is completed.
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