VOXX International Corporation announced that it has entered into an agreement with Gentex Corporation, maker of OEM digital mirrors and automotive electronics, for Gentex to acquire VOXX in an all-cash transaction. Gentex will acquire all shares of VOXX common stock not already owned by Gentex for $7.50 per share, representing a total value of approximately $196 million.
Ari Shalam, Chairman of the board of directors of VOXX, said, “the transaction with Gentex ensures a seamless transition for our brands, employees, customers and partners. After a thorough and exhaustive sales process, the disinterested members of the board, the transaction committee and I unanimously support this decision, believing that it represents the best and most reliable path forward to maximize value for all VOXX stockholders.”
He added, “My father, John Shalam, who founded VOXX 60 years ago, and I are incredibly proud of the legacy we have built and the remarkable accomplishments of the VOXX team. We are confident that under Gentex’s stewardship, VOXX’s legacy will continue to thrive for the benefit of our stakeholders.”
The deal is expected to close during the first quarter of 2025. The transaction is subject to stockholder approval and regulatory approvals.
The $7.50 per share merger represents a premium of approximately 163 percent to VOXX’s Class A common stock price of $2.85 as of August 26, the last trading day before VOXX publicly announced that its board was considering the sale of the company.
Gentex had made an unsolicited proposal to acquire VOXX at $5.50 per share.
See the full press release here.
Founded in 1974, Gentex Corporation is a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies. Members of the aftermarket may know it as the maker of the “Cadillac streaming mirror.” VOXX has been a distributor of Gentex mirrors to the aftermarket.
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Congratulations to Mr. Shalam and the entire VOXX team. We have enjoyed a fun ride being a partner with you since 1970. Continued Health and well wishes.
A-Z Auto Sound
Hartford, CT
Wow, didn’t see that coming! After VOXX has been purchasing other companies to be bought out by Gentex? Still a organization in the industry and aware of it’s needs. Hopefully this will go smoothly. In takeovers like this sometimes really good company leaders are pushed out or just leave making things unstable. I buy Audiovox and Directed products for sale in my business. I’d like to think that this is a beneficial arrangement.
We’d like to believe that, but only time will tell. These transactions aren’t done with us installers and our consumers in mind, they are done for one thing only, as stated in the first paragraph. “believing that it represents the best and most reliable path forward to maximize value for all VOXX stockholders.”
Next will come either eliminating lines or brands, or shifting supply and manufacturing to maximize profit for the NEW shareholders.
Too true.. publicly companies never operate with the customer in mind… only the never ending growth and finding ways to funnel more money up. Sad and frustrating.
This 1000x. Run, don’t walk.