The automotive technology company Veoneer, Inc., today announced that Veoneer’s board of directors has determined that Qualcomm’s proposal to acquire Veoneer (the “Qualcomm Proposal”) would reasonably be expected to result in a “Superior Proposal”, as defined under the terms of Veoneer’s merger agreement with Magna (the “Merger Agreement”).
As a result of the Board’s determination, Veoneer may under the terms of the Merger Agreement engage in discussions with Qualcomm based on the Qualcomm Proposal and Veoneer intends to do so.
The Merger Agreement remains in full force and effect, and the board of directors of Veoneer has not withdrawn or modified its recommendation that the stockholders of Veoneer vote in favor of the approval of the merger, the Merger Agreement and the transactions contemplated thereby.
SOURCE: Veoneer
