Magna Files Supplemental Disclosure in Response to Ontario Securities Commission Order Relating to Proposed ArrangementBy Magna International Inc., PRNE
Thursday, July 8, 2010
Meeting Will be Held on July 23, 2010
AURORA, Canada, July 9, 2010 - Magna International Inc. (TSX: MG.A, NYSE: MGA) today announced that it
has filed with the Canadian securities regulatory authorities and the U.S.
Securities and Exchange Commission a disclosure supplement (the "Supplement")
to Magna's Management Information Circular/Proxy Statement dated May 31, 2010
(the "Circular") that was previously mailed to shareholders. The Circular, as
amended and supplemented by the Supplement, relates to the proposed plan of
arrangement and related transactions involving the proposed elimination of
Magna's dual class share structure. The Supplement contains all additional
disclosure that Magna is required to make pursuant to an order issued on June
24, 2010 by the Ontario Securities Commission that followed a public hearing
held on June 23 and June 24, 2010.
The Supplement is in the process of being mailed to Magna's shareholders
of record as at May 25, 2010, and is available on Magna's website at
www.magna.com; on the SEDAR website administered by the Canadian
securities regulatory authorities at www.sedar.com; and on the EDGAR
website administered by the U.S. Securities and Exchange Commission at
Magna's Board of Directors has set a date of Friday, July 23, 2010 for
the previously postponed special meeting of shareholders to consider and vote
on the arrangement transaction.
We are the most diversified global automotive supplier. We design,
develop and manufacture technologically advanced systems, assemblies, modules
and components, and engineer and assemble complete vehicles, primarily for
sale to original equipment manufacturers ("OEMs") of cars and light trucks.
Our capabilities include the design, engineering, testing and manufacture of
automotive interior systems; seating systems; closure systems; body and
chassis systems; vision systems; electronic systems; exterior systems;
powertrain systems; roof systems; hybrid and electric vehicles/systems as
well as complete vehicle engineering and assembly.
We have approximately 74,000 employees in 240 manufacturing operations
and 76 product development, engineering and sales centres in 25 countries.
For further information, please contact Vincent J. Galifi, Executive
Vice-President and Chief Financial Officer, at +1-905-726-7100.
For further information, please contact Vincent J. Galifi, Executive Vice-President and Chief Financial Officer, at +1-905-726-7100
Tags: Aurora, canada, July 9, Magna International Inc.