Attached files
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8-K - 8-K - ACCURIDE CORP | a12-29855_18k.htm |
EX-4.1 - EX-4.1 - ACCURIDE CORP | a12-29855_1ex4d1.htm |
EX-99.1 - EX-99.1 - ACCURIDE CORP | a12-29855_1ex99d1.htm |
Exhibit 99.2
Investor Relations: Chad Monroe |
Media Relations: Timothy G. Weir, APR |
Email: cmonroe@accuridecorp.com |
Email: tweir@accuridecorp.com |
Phone: (812) 962-5041 |
Phone: (812) 962-5128 |
FOR IMMEDIATE RELEASE
Accuride Corporation Announces Agreement with Cetus Capital
· Robert E. Davis expected to join Accuride Board
· Accuride agrees to shorten the term of its shareholder rights plan
EVANSVILLE, IND., Dec. 20, 2012 Accuride Corporation (NYSE: ACW), a leading supplier of components to the North American commercial vehicle industry, announced that it has reached an agreement with Cetus Capital and certain of its affiliates (collectively, Cetus) that provides, among other things, for the appointment of a Cetus designee, expected to be Robert E. Davis, to the Companys board of directors in January 2013 and the nomination of Mr. Davis for election at the Companys 2013 annual meeting of stockholders. Mr. Davis would bring significant financial, capital markets and leadership experience to the Board with over 25 years of experience at leading investment firms specializing in driving long term value. Cetus is Accurides largest shareholder and currently owns approximately 14.9% of Accurides shares.
Under the terms of the agreement, Cetus agreed to vote in favor of the Accuride director nominees at the Companys 2013 annual meeting of stockholders and to abide by certain standstill provisions until shortly before the deadline for advance notice of director nominations under Accurides bylaws for the Companys 2014 annual meeting of stockholders. In addition, Accuride has agreed at Cetuss request to shorten the expiration date of its shareholder rights plan such that it will expire no later than April 30, 2014, and Cetus has agreed to vote in favor of the reduced duration rights plan at the 2013 annual meeting. Accurides Board has also granted a limited waiver under Section 203 of the Delaware General Corporation Law that will permit Cetus to increase its ownership to up to an aggregate of 19.99% of the Companys shares.
We look forward to welcoming Rob Davis to the Board, said Rick Dauch, Accurides President and Chief Executive Officer. Accurides Board and management team are committed to strong corporate governance, and we recognize the importance of bringing fresh and diverse perspectives to the boardroom. We will benefit from Robs insight and experience, as we work to build upon Accurides leadership position as a supplier of components to the North American commercial vehicle industry and continue to enhance shareholder value.
We are pleased to have reached this agreement with Accuride, said Robert Davis. Accuride has considerable potential for value creation. I look forward to participating as a member of the Board as we collectively work to enhance value for all Accuride shareholders.
About Accuride Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation is a leading supplier of components to the North American commercial vehicle industry. The companys products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle components. The companys products are marketed under its brand names, which include Accuride®, Accuride Wheel End SolutionsTM, Gunite®, ImperialTM and BrillionTM. Accurides common stock trades on the New York Stock Exchange under the ticker symbol ACW. For more information, visit the Companys website at http://www.accuridecorp.com.
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Forward-Looking Statements
Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Companys expectations, hopes, beliefs and intentions on strategies regarding Accurides future results. It is important to note that the Companys actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including but not limited to, market demand in the commercial vehicle industry, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in the Companys Securities and Exchange Commission filings.
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