This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Accuride Corporation Announces Agreement With Cetus Capital

Stocks in this article: ACW

Accuride Corporation (NYSE: ACW), a leading supplier of components to the North American commercial vehicle industry, announced that it has reached an agreement with Cetus Capital and certain of its affiliates (collectively, “Cetus”) that provides, among other things, for the appointment of a Cetus designee, expected to be Robert E. Davis, to the Company’s board of directors in January 2013 and the nomination of Mr. Davis for election at the Company’s 2013 annual meeting of stockholders. Mr. Davis would bring significant financial, capital markets and leadership experience to the Board with over 25 years of experience at leading investment firms specializing in driving long term value. Cetus is Accuride’s largest shareholder and currently owns approximately 14.9% of Accuride’s shares.

Under the terms of the agreement, Cetus agreed to vote in favor of the Accuride director nominees at the Company’s 2013 annual meeting of stockholders and to abide by certain standstill provisions until shortly before the deadline for advance notice of director nominations under Accuride’s bylaws for the Company’s 2014 annual meeting of stockholders. In addition, Accuride has agreed at Cetus’s request to shorten the expiration date of its shareholder rights plan such that it will expire no later than April 30, 2014, and Cetus has agreed to vote in favor of the reduced duration rights plan at the 2013 annual meeting. Accuride’s Board has also granted a limited waiver under Section 203 of the Delaware General Corporation Law that will permit Cetus to increase its ownership to up to an aggregate of 19.99% of the Company’s shares.

“We look forward to welcoming Rob Davis to the Board,” said Rick Dauch, Accuride’s President and Chief Executive Officer. “Accuride’s Board and management team are committed to strong corporate governance, and we recognize the importance of bringing fresh and diverse perspectives to the boardroom. We will benefit from Rob’s insight and experience, as we work to build upon Accuride’s leadership position as a supplier of components to the North American commercial vehicle industry and continue to enhance shareholder value.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs