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