Keystone Automotive, LKQ merger closer to completion, stockholders to vote Oct. 10

By Lisa Kerner

Charlotte, N.C., Sept. 5 - The Hart-Scott-Rodino waiting period ended in the proposed acquisition of Keystone Automotive Industries, Inc. by LKQ Corp., moving the deal one step closer to completion.

Keystone shareholders are set to vote on the transaction, which gives them $48 cash per share, at a special meeting on Oct. 10. The record date for the meeting is Aug. 30. Keystone's board unanimously approved the acquisition of the company.

The merger is valued at $811 million and expected to close early in the fourth quarter, according to a company news release.

It was previously reported that investor Rockhampton Management U.K. LLP plans to vote against the merger. Rockhampton believes the offer price "significantly undervalues Keystone."

Keystone, based in Pomona, Calif., distributes automotive body parts, bumpers and remanufactured alloy wheels to collision repair shops.

Chicago-based LKQ provides recycled light vehicle original equipment manufacturer products and aftermarket collision replacement products.

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