Magna announced the termination of the merger agreement with Veoneer

5 October 2021, 04:34:35

Magna International Inc. today announced that the board of directors of Veoneer, Inc. has determined that the previously announced proposal by Qualcomm Incorporated to acquire Veoneer for $37 per share is a superior proposal under the terms of the previously announced merger agreement between Magna and Veoneer, and that Magna has waived the four-day matching period to make a counterproposal. Accordingly, Veoneer has terminated its merger agreement with Magna and entered into a merger agreement with Qualcomm. In connection with the termination of the merger agreement with Magna, Veoneer will pay a termination fee of $110 million to Magna.

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