Visteon Offer for Halla Climate Control Rejected by NPS

According to Crain’s, U.S. auto parts maker, Visteon Corp.’s plan to acquire the remaining shares of Halla Climate Control Corp. has been rejected by Korea’s National Pension Service, a Halla shareholder. Visteon’s offer of $805 million, or $25.12 per share, was deemed as being too low.

Visteon’s offer was conditional on the company being able to end up with at least 95 percent ownership of Halla. The offer is set to expire on Tuesday and Visteon has refused to provide comment on whether it will submit a larger offer in the future.

 

 

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