Company: SSUP
Filing Date: 2025-07-30
Form Type: PREM14A
Source: 0001140361-25-027895
Chunk: 52

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-07-30
Form: PREM14A
Chunk 52
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 approve such a transaction were not obtained prior to entry into the merger agreement, then the Company would agree to support an in-court transaction through prepackaged or prearranged cases under chapter 11 of the bankruptcy code, pursuant to which holders of Common Shares would receive no consideration and the holder of the Series A Preferred Shares would receive no cash consideration.

On June 11, 2025, the Company requested an initial extension of the deadline to enter into the RSA, which was granted by the requisite Term Loan Lenders and revolving credit lenders. Between June 11, 2025 and July 7, 2025, the Company requested, and the Term Loan Lenders and revolving credit lenders granted, an extension of this deadline seven (7) times to permit the parties to continue negotiating and documenting the RSA and the other transaction documents.

On June 12, 2025, Paul Weiss provided Weil with comments to the draft merger agreement and draft form of VSA. From June 12, 2025 through July 8, 2025, the Company, the Term Loan Lenders, and their respective legal advisors negotiated the Merger Agreement, the form VSA, the RSA and related transaction documents. Significant areas of discussion and negotiation included: (i) the restrictions on the Company’s ability to solicit acquisition proposals from other potential buyers and the fiduciary exception to this restriction permitting the Company to consider and negotiate superior proposals, make a change of recommendation to stockholders to vote in favor of a superior proposal instead of the Merger and the Merger Agreement, and to terminate the Merger Agreement to enter into an alternative acquisition agreement that resulted from a superior proposal; (ii) the level of conditionality in the Merger Agreement, including with respect to entering into a revolving credit facility for the Company following consummation of the Merger and the delivery of certain contracts at closing; (iii) the termination rights of Parent under the Merger Agreement, including if the Company did not file a preliminary proxy statement by the date that is fifteen (15) business days following the execution of the Merger Agreement, if there was certain litigation related to the Transactions and if certain contracts were not delivered to the Company by certain dates; (iv) the scope of the representations and warranties and covenants of the parties, including restrictions on the Company’s operations during the interim period and (v) the treatment of the Company’s employees.

On June 17, 2025, the Company and the Term Loan Lenders agreed to a