The chairman and chief executive officer of Evansville-based Accuride Corp. (NYSE: ACW) have sent a letter to shareholders urging them to vote in support of a proposed buyout offer. John Risner and Richard Dauch say the industrial wheel industry supplier’s share price could "decline substantially from pre-announcement levels" if the deal is not approved.
The transaction is valued at $477 million.
Last month, the company said the proposed acquisition was on-track, despite objections from Coliseum Capital Management LLC, which holds 19 percent of outstanding shares. In the plea to shareholders, the executives say Coliseum announced last week it would not be soliciting proxies. It adds Coliseum "never offered an alternative proposal to the Accuride Board, despite being given multiple opportunities to do so."
Two independent proxy advisory firms have also suggested shareholders support the deal.
View the complete letter to shareholders: