Uni-Select management urges shareholders to approve LKQ takeover

The management of Uni-Select has urged shareholders to vote for the ‘arrangement resolution’ which will allow the takeover by LKQ to go ahead.

Under the terms of the deal, among other things, LKQ will acquire all of the issued and outstanding Uni-Select shares for $48.00 in cash per share.

Uni Select and LKQ logos

Shareholder advisory firm Institutional Shareholders Services Inc. has also recommended that the deal to take over GSF Car Parts’ parent company should go ahead.

READ:  GSF to be ‘divested’ following LKQ acquisition

READ: Sukhbir Kapoor to take the top job at GSF Car Parts

READ: LKQ issues statement on GSFs future

Brian McManus, Executive Chair and Chief Executive Officer of Uni‑Select commented: “We are pleased that ISS endorsed this deal and encourage all shareholders of the Corporation to vote FOR the resolution to approve the plan of arrangement with LKQ in advance of the voting deadline on April 25, 2023.”

A special meeting of Uni-Select’s shareholders will be held after the vote on April 27, 2023.

While the deal is almost certainly going to be approved by the shareholders, LKQ must find a way to divest GSF Car Parts in the UK before regulators such as the Competition and Markets Authority will allow the deal to complete. A buyer for the business is currently being sought.

 

Published by Greg Whitaker

Editor of CAT Magazine and an experienced motoring journalist @GregWhitaker5

Latest Factor & Accessory

View all Factor & Accessory articles

GSF Car Parts to open national distribution hub

Wolverhampton-based centre makes the firm “a formidable national player in the automotive parts industry”

Read More

LKQ Euro Car Parts signs exclusivity deal with RAC

The four-year deal will see LKQ exclusively supply the rapidly expanding RAC Mobile Mechanics service

Read More

Juratek awarded Premier Data Supplier status by TecDoc

The quality standard requires a company to meet 13 targets and have a minimum 99% degree of accuracy

Read More

Autoglym acquires GnG Sales as it expands into Australasia

The wholesale supplier of car care products has marketed and supplied the Autoglym range for over two decades

Read More

Comline Group to move to new headquarters

Move hailed as “inspiring new chapter” for UK-based parts firm

Read More

Go to comments

Your email address will not be published. Required fields are marked *