Visteon Announces Expiration of Cash Tender Offer for Outstanding Shares in Halla Climate Control Corp.
VAN BUREN TOWNSHIP, MI--July 24, 2012: Visteon Corporation , which currently holds a 70 percent ownership stake in Halla Climate Control Corp. (HCC, KS: 018880), today announced that a cash tender offer for the outstanding publicly held shares of HCC not owned by Visteon expired at 3:30 p.m., Korea time, on Tuesday, July 24, without acceptance of the tendered shares, due to the 95 percent condition not being satisfied. It had been a condition to the offer that Visteon would successfully tender for a minimum of 26.4 million shares to achieve at least 95 percent ownership of the issued and outstanding shares of HCC. Visteon will instruct the tender offer agent to cancel subscriptions relating to the shares tendered.
Visteon is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronic, interior and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 27 countries and employs approximately 25,000 people. Learn more at Visteon.
Halla Climate Control Corp. is a leading automotive components company based in South Korea with 14 operations in North America, Europe and Asia. The company develops and manufactures automotive climate control products. Founded in 1986, the company has continuously achieved progress and growth, resulting in newly created value, through persistent technology development and innovation. Halla Climate Control employs approximately 6,600 people.