Fuel Systems Solutions, Inc. (NASDAQ: FSYS) disclosed that the final exchange ratio for its proposed business combination with Westport Innovations Inc. Accordingly, Fuel Systems stockholders would get 2.4755 Westport common shares for each share of Fuel Systems common stock owned upon completion of the Merger, assuming that the Merger closes on June 1.
Fuel Systems said that it has reaffirmed its support in favor of the merger with Westport. The company added that its board also recommended its stockholders vote "For" the proposal to adopt the amended merger agreement, which is necessary to complete the merger, and "for" the other proposals described in the revised proxy statement/prospectus.
Related Link: Fuel Systems' Pier Antonio Costamagna Says Will Vote Against Amended Deal with Westport
The company indicated that as the time was short, Fuel Systems stockholders could vote by mail, telephone or via the Internet by following the instructions on the proxy card, which was mailed to all stockholders. The merger would establish a premier alternative fuel vehicle and engine company with an expanded product and technology portfolio.
The company disclosed that under the amended merger deal, the exchange ratio was calculated based on the volume weighted average price of Westport common shares on the Nasdaq Stock Market for the ten consecutive trading days ended on and including May 24. That is five business days before June 1, the anticipated date of closing for the merger.
The stock closed at $5.15 on Tuesday.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.