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Westport Signs Amendment to Merger Agreement with Fuel Systems
Westport Signs Amendment to Merger Agreement with Fuel Systems Westport Signs Amen...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n\nWestport Signs Amendment to Merger Agreement with Fuel Systems\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nWestport Signs Amendment to Merger Agreement with Fuel Systems\nCanada NewsWire\nVANCOUVER, March 7, 2016\n\n\n\n~Updated agreement reflects current market conditions; provides greater certainty to Westport and Fuel Systems shareholders ~\n\n\n\nVANCOUVER, March 7, 2016 /CNW/ - Westport Innovations Inc. (TSX:WPT / Nasdaq:WPRT) (\"Westport\"), engineering the world's most advanced natural gas engines and vehicles, announced today that it has signed an Amendment to the Agreement and Plan of Merger (the \"Amendment\") in relation to the proposed business combination (the \"Merger\") between Westport and Fuel Systems Solutions, Inc. (\"Fuel Systems\") (Nasdaq:FSYS). All figures are in U.S. dollars unless otherwise stated.\n\nThe Amendment includes several updated changes in relation to the previously announced Agreement and Plan of Merger (the \"Agreement\") with Fuel Systems, dated September 1, 2015. The Amendment has been approved by the Boards of Directors of both companies. Westport will send out a supplement to its Management Information Circular and Proxy Statement, dated February 12, 2016, to shareholders that contains the Amendment information. Westport has scheduled a special meeting of its shareholders (the \"Meeting\") at 1750 West 75th Avenue, Suite 101, Vancouver, British Columbia for March 18 at 2:00pm (Pacific time) to consider and vote on certain items of business in connection with the proposed Merger (as set out in the Circular and supplemental letter). \n\nHighlights of the Amendment include:\n\nCollar-based exchange ratio: In light of current market volatility, the exchange ratio of the Agreement has been amended to include a collar mechanism. In the event that the Nasdaq volume weighted average price of Westport common shares during a specified measuring period (\"VWAP\") is equal to or greater than $2.37, then Fuel Systems stockholders will receive 2.129 Westport common shares per Fuel Systems share...