Automotive aluminum wheels manufacturer Superior Industries (NYSE:SUP) has received an acquisition offer from M2 Capital and shares of the company are soaring higher today as a result.
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M2 has put forth a tender offer to snap up all of Superior’s outstanding shares. The $5.85 per share offer represents a 36% premium over the stock’s November 10 closing price.
The move sets up M2 as a leading player in the supply of aluminum wheels while creating one of the biggest private providers of aluminum wheels globally.
The offer is expected to be completed in the first quarter of 2023 and the total consideration is pegged at $160 million.
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