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Upstate Shredding behind unsolicited Fenix offer

Speculations have been confirmed that Fenix Parts received an offer from Upstate Shredding.
By CRM Staff
 
Toronto, Ontario — February 22, 2018 — A week after an unsolicited deal to buy Fenix Parts from an unknown company came to light, both the name of the would-be buyer and the terms of the deal have gone public. Upstate Shredding, the second largest American recycler after LKQ, offered about $13 million, to buy all 20,329,685 of Fenix’s stocks. At $0.63 per share, Upstate Shredding’s offer is nearly twice the Fenix’s trading price from the beginning of the month, though speculation has driven the price from $0.34 to $0.48.
 
In a press release, Fenix wrote that the board was considering the deal, and would make the decision in the best interests of the company and its shareholders. It also cautioned its stockholders not to assume that the non-binding offer will be approved.
 
Fenix Parts had initially declined to make the terms of the deal public, though did confirm the details after they had been reported by Upstate Shredding, a representative for whom said: “Fenix is in the business of automotive recycling and has many characteristics that are attractive to Upstate.”
 
For more information visit fenixparts.com.
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