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Accuride Corporation Declares Dividend of Preferred Stock Purchase Rights

^{Published on 2011-11-09 20:40:21 - Market Wire}
 

EVANSVILLE, Ind.--([ BUSINESS WIRE ])--Accuride Corporation (NYSE: ACW), a leading supplier of components to the commercial vehicle industry, announced that its Board of Directors has adopted a shareholder rights plan (the arights plana or aplana) and declared a dividend of one preferred stock purchase right (a arighta) for each outstanding share of Accurideas common stock. The rights are scheduled to expire on November 9, 2012, unless earlier redeemed or exchanged by the Company or terminated. The plan was not adopted in response to any proposal to acquire control of the Company.

"Adopting this shareholder rights plan is an appropriate and prudent step to protect the interest of shareholders as we execute our plan to rebuild and grow the company and to realize Accurideas upside potential as the commercial vehicle industry and broader economy recover"

aAdopting this shareholder rights plan is an appropriate and prudent step to protect the interest of shareholders as we execute our plan to rebuild and grow the company and to realize Accurideas upside potential as the commercial vehicle industry and broader economy recover,a said Rick Dauch, Accurideas President and Chief Executive Officer. Dauch continued, aThe rights plan is intended to enable all of the Companyas stockholders to realize the long-term value of their investment in the Company. While the plan will not prevent a takeover, it is intended to encourage anyone seeking to acquire the Company to negotiate with the Board of Directors and to ensure sufficient time to consider any proposal.a

Shareholders do not need to take any action to receive the preferred stock purchase right. Pursuant to the plan, one right will be distributed for each share of common stock held by stockholders of record on November 23, 2011. Initially, these rights will not be exercisable and will trade with the shares of Accurideas common stock. Under the rights plan, the rights generally will become exercisable only if a person or group acquires beneficial ownership of 15% or more of the Companyas common stock or announces a tender offer for 15% or more of the common stock without the approval of the Companyas Board of Directors. In that situation, subject to certain exceptions, each holder of a right (other than the acquiring person, whose rights will become void and will not be exercisable) will be entitled to purchase, at the rightas then-current exercise price, a number of shares of common stock having a market value at that time of twice the rightas exercise price.

If the Company is acquired in a merger or other business combination transaction that has not been approved by the Board of Directors after the rights become exercisable, each right will entitle its holder to purchase, at the rightas then-current exercise price, a number of shares of the acquiring companyas common stock having a market value at that time of twice the rightas exercise price.

Further details about the rights plan will be contained in a Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission. Accurideas shareholders will receive information regarding the rights plan in the coming weeks.

About Accuride Corporation

With headquarters in Evansville, Indiana, Accuride Corporation is a leading supplier of components to the commercial vehicle industry. The companyas products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle components. The companyas products are marketed under its brand names, which include Accuride, Gunite, Imperial^TM and Brillion^TM. Accurideas common stock trades on the New York Stock Exchange under the ticker symbol ACW. For more information, visit the Companyas website at [ http://www.accuridecorp.com ].

Forward-Looking Statements

Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Companyas expectations, hopes, beliefs and intentions on strategies regarding Accurideas future results. It is important to note that the Companyas actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including but not limited to, market demand in the commercial vehicle industry, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in the Companyas Securities and Exchange Commission filings.