Keystone gets stockholder approval for LKQ merger; closing set for Friday

By Devika Patel

Knoxville, Tenn., Oct. 10 - Keystone Automotive Industries, Inc. announced that its stockholders have approved a proposed merger with LKQ Acquisition Co., a subsidiary of LKQ Corp., at a special meeting held in Nashville.

More than 80% of the votes cast were in support of the merger, with holders of 71% of the company's shares outstanding voting in favor of the transaction.

Closing of the $811 million merger is expected on Friday.

After the merger, Keystone will become a wholly owned subsidiary of LKQ, and Keystone's stockholders will receive $48 in cash, without interest, per common share owned.

As previously reported, the price per share is a 50% premium over Keystone's trading price immediately before merger discussions began.

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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