logo
Plus   Neg
Share
Email

BorgWarner, Delphi Amend Transaction Agreement; Resolve Alleged Breach Dispute

BorgWarner Inc. (BWA) and Delphi Technologies PLC (DLPH) announced they have amended certain terms of the definitive transaction agreement. Under the terms of the amendment, BorgWarner consents to Delphi Technologies' recent draw down of its revolver.

The amended transaction agreement provides for new closing conditions requiring that, at the time of the transaction closing, the total amount of Delphi Technologies' outstanding revolver borrowings do not exceed $225 million, and net of its cash balances, do not exceed $115 million. The parties have agreed to a revised exchange ratio pursuant to which Delphi Technologies' shareholders will receive 0.4307 shares of BorgWarner common stock for each Delphi Technologies share.

The closing of the transaction is expected to occur in the second half of 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Twitter could face a fine of up to $250 million from the U.S. Federal Trade Commission regarding its use of phone numbers and email addresses to target advertisements. Lord & Taylor joined the growing list of U.S. retailers who filed for bankruptcy amid the coronavirus pandemic. Lord & Taylor, one of the oldest department store chains in the U.S., filed for bankruptcy protection in the Eastern Court of Virginia on Sunday. The company operated 38 stores that have remained temporarily closed since March this year due to the pandemic. Thomson International Inc. is recalling Red, Yellow, White, and Sweet Yellow Onions for potential contamination with Salmonella, according to a statement by the U.S. Food and Drug Administration or FDA. The onions are in distribution since May 1, 2020. They were sold to wholesalers, restaurants, and retail stores in all 50 U.S. states, the District of Columbia and Canada.
Follow RTT