Company: SSUP
Filing Date: 2025-08-15
Form Type: DEFM14A
Source: 0001140361-25-031532
Chunk: 58

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-08-15
Form: DEFM14A
Chunk 58
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 consideration payable to the Company’s stockholders that was reasonably obtainable and (b) a price per Common Share that was unlikely to be achieved on a standalone basis given the Company’s financial condition and liquidity position. |

| • | Avoidance of Chapter 11. The Transaction Committee and the Board considered (i) a filing under chapter 11 of the Bankruptcy Code would likely result in no recovery to holders of Common Shares and holders of Preferred Shares and the Company’s creditors’ claims being impaired, as compared to an out-of-court transaction, which would likely result in greater value to the equityholders and creditors of the Company than a filing under chapter 11 of the Bankruptcy Code, and (ii) management’s belief that the Company would be unlikely to obtain new orders from customers in the preparation for and pendency of a bankruptcy, given the uncertainty and business disruption that can result from such a process. |

| • | Potential Interested Counterparties. The Transaction Committee and the Board considered that, from January to April 2025, at the direction of the Company, Lazard engaged with 38 potential |

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counterparties with respect to a third party sale process and that, although the Company received five indications of interest, all bidders withdrew from the process following the disclosure of the Customer Losses. Additionally, the Transaction Committee and the Board considered that the “fiduciary out” provisions in the Merger Agreement would allow any interested third party to offer a superior proposal prior to the stockholders’ special meeting.

| • | Potential Strategic Alternatives. The Transaction Committee and the Board considered (1) potential alternatives to the Transactions, including the possibility of continuing to operate the Company as an independent entity, filing for bankruptcy protection under chapter 11 of the Bankruptcy Code, raising equity capital or obtaining additional financing and the availability and risks of such alternatives, (2) potential benefits to stockholders of the Company of these alternatives and the timing and likelihood of effecting such alternatives, including the impact to stakeholder recoveries in the absence of the Transactions, (3) the liquidity challenges facing the Company and the fact that the Term Loan Lenders were the most likely source of additional capital, (4) the likelihood that there would be no value for the holders of Common Shares and little to no value for holders of Preferred Shares in the event of a filing under chapter 11 of the Bankruptcy Code, as well as the potential impairment of relationships with other customers in a bankruptcy and potential harm to the Company’s