First Brands Group Completes Acquisition of Horizon Global Corporation

Rhea-AI Summary

First Brands Group, LLC has successfully completed its acquisition of Horizon Global Corporation (NYSE: HZN) after a tender offer. The acquisition included all issued common and Series B preferred shares, with a Common Stock Offer Price of $1.75 per share. Following this merger, Horizon Global will become a wholly-owned subsidiary of First Brands and will be delisted from the New York Stock Exchange. This strategic move marks a significant transition for Horizon Global and is formalized under an Agreement and Plan of Merger dated December 30, 2022.

Positive

• Completion of acquisition indicates strategic growth for First Brands.
• Horizon Global becomes a wholly-owned subsidiary, potentially enhancing operational synergies.

Negative

• Horizon Global's common stock will be delisted from the NYSE, limiting access to capital markets.

PLYMOUTH, Mich.--(BUSINESS WIRE)-- First Brands Group, LLC (“First Brands”) and Horizon Global Corporation (“Horizon Global”) today announced that following the successful completion of First Brands’ tender offer to purchase (a) any and all issued and outstanding shares of common stock of Horizon Global (NYSE: HZN) at a price of $1.75 per share (the “Common Stock Offer Price”), and (b) any and all issued and outstanding shares of Series B preferred stock of Horizon Global at a price equal to the Redemption Price (pursuant to the Certificate of Designations, Preferences and Rights of Series B Preferred Stock of Horizon Global Corporation) per share of Series B preferred stock calculated as of the closing date of the acquisition of Horizon Global (the “Preferred Stock Offer Price”) (the Common Stock Offer Price and the Preferred Stock Offer Price are referred to herein as the “Offer Price”) subject to any required withholding of taxes, net to the seller in cash without interest, First Brands completed the previously announced acquisition of Horizon Global, pursuant to an Agreement and Plan of Merger, dated as of December 30, 2022.

All conditions of the offer were satisfied and First Brands completed its acquisition of all issued and outstanding equity securities of Horizon Global for the Offer Price. As a result of the acquisition, Horizon Global became a wholly-owned subsidiary of First Brands and Horizon Global’s common stock will be delisted from the New York Stock Exchange.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005371/en/

Michael Baker, Chief Corporate Strategy Officer

First Brands Group, LLC

(216) 302-2590

Michael.Baker@firstbrandsgroup.com



Matthew Meyer

Horizon Global Corporation

Chief Accounting Officer

(734) 656-3000

ir@horizonglobal.com

Source: Horizon Global Corporation

FAQ

What was the acquisition price per share for Horizon Global (HZN)?

The acquisition price per share for Horizon Global's common stock was $1.75.

When was the acquisition of Horizon Global by First Brands announced?

The acquisition was completed following a tender offer and was initially announced on December 30, 2022.

What impact will the acquisition have on Horizon Global's stock?

Horizon Global's common stock will be delisted from the New York Stock Exchange after the acquisition.

What happens to Horizon Global after the acquisition?

After the acquisition, Horizon Global will become a wholly-owned subsidiary of First Brands.