VAN BUREN TOWNSHIP, Mich.,
July 24, 2012 /PRNewswire/ -- Visteon
Corporation (NYSE: VC), which currently holds a 70 percent
ownership stake in Halla Climate Control Corp. (HCC, KS: 018880),
today announced that a cash tender offer for the outstanding
publicly held shares of HCC not owned by Visteon expired at
3:30 p.m., Korea time, on
Tuesday, July 24, without acceptance
of the tendered shares, due to the 95 percent condition not being
satisfied. It had been a condition to the offer that Visteon would
successfully tender for a minimum of 26.4 million shares to achieve
at least 95 percent ownership of the issued and outstanding shares
of HCC. Visteon will instruct the tender offer agent to cancel
subscriptions relating to the shares tendered.
(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO
)
Visteon is a leading global automotive supplier that designs,
engineers and manufactures innovative climate, electronic, interior
and lighting products for vehicle manufacturers. With corporate
offices in Van Buren Township,
Mich. (U.S.); Shanghai,
China; and Chelmsford, UK;
the company has facilities in 27 countries and employs
approximately 25,000 people. Learn more
at www.visteon.com.
Halla Climate Control Corp. is a leading automotive components
company based in South Korea with
14 operations in North America,
Europe and Asia. The company develops and manufactures
automotive climate control products. Founded in 1986, the company
has continuously achieved progress and growth, resulting in newly
created value, through persistent technology development and
innovation. Halla Climate Control employs approximately 6,600
people.
SOURCE Visteon Corporation