Hayes Lemmerz International Majority Stockholders Withdraw Going Private Proposal
19 April 2000
Hayes Lemmerz International Majority Stockholders Withdraw Going Private ProposalDETROIT, April 19 Hayes Lemmerz International, Inc. (NYSE: HAZ) announced today that stockholders, owning in excess of 75% of Hayes common stock, had withdrawn their previously announced proposal to acquire the remaining shares of Hayes for $21 per share in cash. The majority stockholders informed Hayes that, based on discussions with representatives of the special committee of the Hayes Board, the majority stockholders believed that it was unlikely that they would be able to reach an agreement as to the price per share to be paid to the Company's minority stockholders. The majority stockholders had made their proposal on January 9, 2000 and the Company had formed a special committee of its independent directors to review the proposal. Hayes Lemmerz International, Inc. is one of the world's leading global suppliers of automotive and commercial highway wheels, brakes, powertrain, suspension, structural and other lightweight components. The Company has annual sales of $2.3 billion with 43 plants, joint venture facilities and over 15,000 employees worldwide. CONTACT: William Shovers of Hayes Lemmerz International, Inc., 734-737-5100