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Methode Electronics, Inc. (MEI) delivers innovative engineering solutions across automotive, industrial, and medical markets since 1946. This news hub provides investors and industry professionals with centralized access to official corporate announcements, financial disclosures, and strategic developments.
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Methode Electronics, Inc. (NYSE: MEI) announced the successful acquisition of 80.7% of Nordic Lights Group Corporation, following a public tender offer that became unconditional. The company settled a total of EUR 106.5 million for 16,908,155 shares at EUR 6.30 each. Methode plans to acquire all remaining shares and has intentions for Nordic Lights to be delisted from Nasdaq First North Growth Market Finland. This acquisition is expected to be accretive to earnings and free cash flow in fiscal 2024, factoring in amortization and interest expenses. Nordic Lights is recognized for its high-quality lighting solutions tailored for heavy-duty equipment across various sectors, including mining and construction, complementing Methode's existing product lines. CEO Donald W. Duda emphasized the strategic fit of Nordic Lights in broadening their market reach.
Methode Electronics, Inc. (NYSE: MEI) has confirmed the successful completion of its public tender offer for all outstanding shares of Nordic Lights Group Corporation, with 16,908,155 shares tendered, representing 80.7% of Nordic Lights’ outstanding shares. The company waived the previous over 90% acceptance condition, declaring the offer unconditional. Settlement of the tendered shares is slated for April 20, 2023.
To encourage non-tendering shareholders, a subsequent offer period will open on April 24, 2023 and close on May 8, 2023, allowing more shareholders to participate at the same price.
Nordic Lights specializes in high-quality lighting solutions for heavy-duty equipment used in segments like mining, construction, and agriculture.
Methode Electronics (NYSE: MEI), a global supplier of engineered solutions, announced the expiration of its public tender offer for Nordic Lights Group Corporation shares on April 14, 2023. The preliminary results revealed that 16,873,355 shares were tendered, accounting for approximately 80.5% of Nordic Lights' capital. Methode plans to waive the condition requiring over 90% acceptance to close the offer, pending final confirmation of valid acceptances. If more than 80% of shares are accepted by April 19, 2023, Methode aims to settle payments to shareholders and finalize the acquisition by April 20, 2023. Nordic Lights specializes in high-quality lighting solutions for heavy-duty sectors like mining, construction, and agriculture.
Methode Electronics, Inc. (NYSE: MEI) has declared a quarterly dividend of $0.14 per share, set to be paid on April 28, 2023. This dividend will be distributed to common stockholders recorded by the close of business on April 14, 2023. Methode Electronics specializes in custom-engineered solutions encompassing user interfaces, LED lighting, and power distribution, serving markets like automotive, cloud computing, and medical devices. The company's global operations extend across North America, Europe, the Middle East, and Asia, showcasing diverse engineering and manufacturing capabilities.
Methode Electronics, Inc. (NYSE: MEI) will present at the Sidoti Small-Cap Conference on March 22, 2023, at 10:00 a.m. EDT. The presentation will provide insights into the company's custom-engineered solutions for various applications including user interfaces and LED lighting. Investors can access a live webcast on the company’s website, which will also be archived for future viewing.
Methode Electronics is a global supplier with operations across North America, Europe, and Asia, serving markets such as transportation, healthcare, and cloud computing.
Methode Electronics, Inc. (NYSE: MEI) reported Q3 fiscal 2023 net sales of $280.1 million, a 3.9% decline year-over-year, largely due to foreign currency impacts and inflationary pressures. Electric and hybrid vehicle applications comprised a record 24% of sales. Net income fell to $19.9 million or $0.54 per diluted share, impacted by increased foreign exchange losses. Free cash flow surged to $42.9 million, up from $11.8 million, aided by working capital improvements. The company announced a public tender offer for Nordic Lights at EUR 6.30 per share, expected to be accretive to earnings and cash flow in fiscal 2024. Guidance for FY 2023 net sales was revised down to $1,155-$1,180 million.
