Delco Remy Accepts Sweetened Takeover Bid

Citigroup's Court Square Capital Ltd. will pay $9.50 a share, up from its earlier offer of $8, taking Delco private. Analysts cite Delco's fuel cell and alternative vehicle technology.

Published: 07-Feb-2001

ANDERSON, Ind., Feb 7 (Reuters) - Auto parts maker Delco Remy International Inc. said on Wednesday it has agreed to be acquired by a unit of financial-services giant Citigroup for a sweetened price of $247 million.

Citigroup's Court Square Capital Ltd., a major shareholder, will pay $9.50 a share, up from its earlier offer of $8, for the stock it doesn't already own.

Delco Remy is the latest in a string of auto parts makers to be taken private by financial buyers. Late last month, for example, Heartland Industrial Partners merged MascoTech Inc., Simpson Industries Inc. and Global Metal Technologies Inc. to form Metaldyne Corp.

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