TRW Automotive Confirms Acquisition Offer
Before being halted, shares of TRW Automotive (NYSE: TRW) were up 6.9 percent on rumors that the company would be acquired by ZF Friedrichshafen.
The company confirmed in a press release that it has received a non-binding proposal for acquisition, but did not disclose who the offer was from or the value. TRW further indicated that it is uncertain if it will pursue the transaction or consider other strategic alternatives. Goldman Sachs will be serving as the firm’s financial advisor.
Shares reopened for trade at 12:55 pm EDT and quickly gapped higher. At last check, the issue was trading at $101.98, up 11.6 percent.
Other auto part suppliers are trading higher as sympathy plays to TRW.
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