Despite Visteon rejecting last week the unsolicited proposal made by rival Johnson Controls, calling it an attempt made to undermine the reorganization process, the ones which made the proposal in the first place say they are still interested.
Johnson Controls looked to acquire Visteon’s interiors and electronics businesses for an estimated $1.25 billion. Visteon on the other hand, didn’t need the distraction, as it is engaged in a bitter fight with its shareholders, who are left out of the reorganization plan submitted in court.
“Johnson Controls, Inc. confirmed that it sent a letter today to Visteon that it remains interested in pursuing its proposal” says the company’s statement.
“Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful."
When it rejected the unsolicited offer on Thursday, Visteon said it “lacks important information and remains highly conditional and vaguely defined.” In addition, it didn’t miss the opportunity to strike back at Johnson Controls, asking it to stop harassing its clients.
"JCI's recent contacts with our customers and aggressive characterizations of your proposal could potentially damage our business and relationships with key customers. I assume these communications are occurring without your knowledge and ask that you personally see that such communications end," Visteon says in its statement.
Johnson Controls looked to acquire Visteon’s interiors and electronics businesses for an estimated $1.25 billion. Visteon on the other hand, didn’t need the distraction, as it is engaged in a bitter fight with its shareholders, who are left out of the reorganization plan submitted in court.
“Johnson Controls, Inc. confirmed that it sent a letter today to Visteon that it remains interested in pursuing its proposal” says the company’s statement.
“Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful."
When it rejected the unsolicited offer on Thursday, Visteon said it “lacks important information and remains highly conditional and vaguely defined.” In addition, it didn’t miss the opportunity to strike back at Johnson Controls, asking it to stop harassing its clients.
"JCI's recent contacts with our customers and aggressive characterizations of your proposal could potentially damage our business and relationships with key customers. I assume these communications are occurring without your knowledge and ask that you personally see that such communications end," Visteon says in its statement.