"The Board of Directors of Visteon has studied your proposal carefully and has unanimously concluded that our stakeholders, as well as our customers and employees, are best served by moving forward with our previously announced Plan of Reorganization to emerge from bankruptcy as a strong, independent, stand-alone company," Visteon says in a statement released yesterday.
"In short, we have determined that our Plan of Reorganization is the best path forward for Visteon and that your proposal does not warrant further consideration. Given all of the above, we trust you will respect our decision."
In mid-May, Johnson Controls offered an unsolicited $1.25 billion for Visteon’s interiors and electronics businesses. An offer which, Visteon says, “lacks important information and remains highly conditional and vaguely defined.”
Visten didn't miss the opportunity given by their rejection of the offer to attack once again Johnson Controls, this time on the grounds that the latter keeps making contacts with Visteon's customers, in a move which "could potentially damage our business and relationships with key customers."
"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 ends its release.
Visteon is currently engaged in a bitter fight with its shareholders, who are left out of the reorganization plan submitted in court. Johnson Controls does nothing but complicate this relationship.