Gentherm shareholders clear a major hurdle for the Modine combination

Gentherm ($THRM) shareholders approved the proposals needed for its planned combination with Modine’s ($MOD) Performance Technologies business. Approximately 99% of votes cast supported the share issuance, while the related charter amendment received support from about 94% of outstanding shares. The vote moves the transaction closer to completion but does not itself close the deal.

The companies said the required regulatory approvals and an IRS private-letter ruling had already been obtained. Remaining customary closing steps and the final exchange-ratio calculation still need to be completed. The combination concerns Modine’s Performance Technologies operations, not the whole of Modine Manufacturing. For shareholders, the important change is the removal of a significant approval risk, with the final capital structure and ownership transfer still tied to completion of the transaction.

Sources:

• Gentherm — shareholder approval announcement