Shareholders of Evansville-based Accuride Corp. (NYSE: ACW) have approved the proposed $477 million acquisition by New York-based Crestview Partners. Following Tuesday’s decision, both companies now expect the transaction to close Friday.
The shareholders’ decision comes after Coliseum Capital Management LLC, which owns 19 percent of outstanding shares, said last month it was not in favor of the deal. Accuride shareholders will receive $2.58 in cash for each share of Accuride common stock they own, per the terms of the merger agreement.
The acquisition was announced in September, at which point the company said its board of directors had unanimously approved the deal. Accuride President and Chief Executive Officer Rick Dauch said at that time the company would continue to operate under its current name and remain headquartered in Evansville if the deal closes.