UPDATE 3-Delphi tapping credit line puts sale to BorgWarner at risk [Reuters]
BorgWarner Inc. (BWA)
Last borgwarner inc. earnings: 2/13 06:30 am
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Source: Reuters
Delphi shares tank as BorgWarner threatens to abandon takeover deal (Reuters) - U.S. auto parts company BorgWarner Inc ( BWA.N ) on Tuesday threatened to walk away from its $1.5 billion deal to buy Delphi Technologies ( DLPH.N ) after it drew down credit without seeking approval, sending shares of the UK-based company tumbling 24%. Delphi tapped its full $500 million revolving credit facility to help it weather the hit from the coronavirus pandemic, the company said in a separate statement. BorgWarner said the move breached their deal terms announced earlier this year and gave Delphi 30 days to resolve the issue. Delphi said it disputed BorgWarner’s breach claims on the basis that the company had “unreasonably withheld its consent,” but added it intended to negotiate to resolve the matter. “Both companies continue to believe in the long-term strategic value of the transaction and are still working together towards closing the transaction in the second half of 2020,” Delphi said. “
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BWA
Earnings
- 10/31/24 - Beat
BWA
Sec Filings
- 11/14/24 - Form 144
- 11/14/24 - Form SC
- 11/13/24 - Form 4
- BWA's page on the SEC website