Fenix Parts Announces Definitive Merger Agreement with Stellex Capital Management LP and Board of Directors Updates
FENIX PARTS (FENX)
US:NASDAQ Investor Relations:
ir.fenixparts.com
Company Research
Source: GlobeNewswire
WESTCHESTER, Ill., Feb. 28, 2018 (GLOBE NEWSWIRE) -- Fenix Parts, Inc. (Pink Sheets:FENX), a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products (the “Company”), today announced that it has entered into a definitive merger agreement with Stellex Capital Management LP (“Stellex”) under which a Stellex-controlled affiliate would acquire the Company for $0.40 per share in cash along with the assumption of over $40 million in operating and long-term liabilities, including $33 million of indebtedness. The per share cash consideration under the merger, which has been unanimously approved by the Company’s Board of Directors, represents a premium of approximately 56% to the 60-day volume-weighted average stock price as of February 9, 2018, the last trading day prior to the announcement by Upstate Shredding, LLC of an unsolicited, non-binding offer for the Company. The merger agreement is subject to shareholder approval, and a proxy statement will be
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