What's Going On With Veoneer?
Veoneer (VNE) stock fell on Tuesday after the auto tech firm followed through on its recommendation for Magna International's bid after receiving an updated, non-binding offer from Qualcomm. Shares of the company were trading 0.91% lower to $304.40 a share on Tuesday.
What Does This Mean For Veoneer?
On Monday, Qualcomm made a $37 per share bid for Veoneer in keeping with the offer announced last month and above Magna's original $31.25 per share offer. Qualcomm previously offered $4.6 billion to purchase Veoneer. Notwithstanding the larger purchase amount, Veoneer's merger agreement with magna remains in full affect, according to the Company.
"There can be no assurances that Veoneer's discussions with Qualcomm will result in a transaction that the Veoneer board of directors determines is superior to Veoneer's pending transaction with Magna," said the Company in a statement.
Veoneer, Inc. engages in the design, development, manufacture, and sale of automotive safety electronics primarily in North America, Europe, and Asia
Veoneer Inc has a Bullish sentiment reading. Find out what this means for you and get the rest of the rankings on VNE!
Veoneer designs, develops, and makes safety electronics for the global automotive industry. Passive safety products include sensors, electronic control units, and software used to prepare seat belt pretensioners, and to deploy airbags in a collision. Active safety products include sensors, electronic control units, and software that enable advanced driver assistance systems, or ADAS, highly automated driving, or HAD, and autonomous driving, or AD. Roughly one-third of revenue comes from each of Europe, the Americas, and Asia. Daimler, Hyundai/Kia, Ford, Honda, and General Motors are the company's five largest customers, accounting for 61% of 2020 revenue.
