Dowlais Group plc’s £1.16 Billion Recommended Cash and Share Combination with American Axle & Manufacturing Holdings, Inc.
January 29, 2025
On January 29, 2025, Dowlais Group plc (“Dowlais”), a specialist engineering group focused on the automotive sector, and American Axle & Manufacturing Holdings, Inc. (“AAM”), a leading automotive and mobility supplier, announced that their boards have reached agreement on the terms of a recommended cash and share combination. Under the terms of the combination, each Dowlais shareholder will be entitled to receive 0.0863 new AAM shares, 42 pence in cash and up to 2.8 pence in the form of dividends to be paid prior to completion. Dowlais shareholders will own approximately 49% of AAM upon closing. The offer values Dowlais at approximately £1.16 billion.
The transaction is conditional on, amongst other things, antitrust approvals in Europe, the U.S., China, Brazil and Mexico, and approvals from Dowlais and AAM shareholders. The transaction is expected to close in 2025. Cravath is representing Dowlais as U.S. counsel in connection with the transaction.
The Cravath team is led by partners George F. Schoen and Claudia J. Ricciardi and includes of counsel Saagar Kaul and associate Cierra Coury on M&A matters; partner Ron Creamer and associate Chloe Amarilla on tax matters; partner Eric W. Hilfers and foreign associate attorney Andreas Kaletsch on executive compensation and benefits matters; and partner Margaret T. Segall on regulatory matters.
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J.D., 1998, University of Chicago Law Schoolwith Honors
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