Pendleton-based Remy International Inc. (Nasdaq: REMY) says shareholders have approved the previously-announced acquisition by BorgWarner Inc. (NYSE: BWA). The companies announced the $1.2 billion deal over the summer.
In a release from Remy, Chairman of the Board John Weber said, "We’re pleased that our stockholders have shown overwhelming support for our plan to join BorgWarner. This transaction provides substantial value to our stockholders and will benefit our employees, business partners and customers around the globe."
The acquisition is still subject to closing conditions, including antitrust approvals in China and Korea. Remy expects the deal to close by the end of the year.