Dowlais Group plc and American Axle & Manufacturing Holdings, Inc. (AAM) have recently announced an update on their recommended cash and share combination. The China State Administration for Market Regulation has issued a formal notice approving the combination, indicating that all conditions relating to the receipt of regulatory or antitrust approvals have been satisfied.
The expected timetable for the implementation of the scheme includes a court sanctioning hearing scheduled for January 30, 2026, with the scheme expected to become effective on February 3, 2026. Shareholders are directed to specific deadlines for submitting relevant tax certification forms and making elections under the mix and match facility.
Upon the scheme becoming effective, scheme shareholders will be entitled to receive 0.0881 new AAM shares and 43 pence in cash for each Dowlais share held, including the right to receive and retain dividends and other distributions declared, made, or paid by AAM after the effective date.
The press release also outlines a series of events and dates related to the scheme, including the publication of the AAM prospectus, the last day of dealings in Dowlais shares, the effective date of the scheme, and the admission of AAM shares on the London and New York stock exchanges.
It's important to note that all dates and times are based on current expectations and are subject to change. Any updates to the expected timetable will be notified to Dowlais shareholders through a regulatory information service.
The court sanctioning hearing represents a significant milestone in the process, and the approval from the China State Administration for Market Regulation marks a crucial development in the progress towards the completion of the recommended cash and share combination between Dowlais and AAM. Following these announcements, the company's shares moved -1.28%, and are now trading at a price of $7.70. For more information, read the company's full 8-K submission here.
