Keystone Shareholders Approve Takeover

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Keystone Automotive Industries Inc. said Wednesday that its shareholders have approved LKQ Corp.’s proposed acquisition of the company for $48 per share in cash.


A small group of shareholders in Keystone voiced concerns over the deal, saying it undervalued the Pomona-based auto parts supplier. Rockhampton Management UK LLP, which holds a 4 percent stake in Keystone, said it will vote against the acquisition because any price below $75 per share was “unacceptable.”


Chicago-based LKQ said last week that it would not raise the offer price.


The deal is worth $797 million based on the $48 per share purchase price, which was a 10 percent premium on Keystone’s share price the day before the offer was made.


Shares in Keystone hit a 52-week high of $48.01 in early trading Wednesday but settled in at $47.96 in afternoon trading on the Nasdaq.

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