By Stephen Nakrosis
Automotive technology company Veoneer Inc. on Monday said it was confirming reception of an updated non-binding proposal from Qualcomm Inc. under which Qualcomm would acquire all outstanding shares of Veoneer for $37 each in cash.
In July, Veoneer said it entered definitive merger agreement with Magna International Inc., and earlier this month said it filed with the U.S. Securities and Exchange Commission to hold a special meeting of stockholders on Oct. 19 to consider that deal.
Veoneer said it is evaluating the terms of Qualcomm's proposal "and will, if appropriate, engage in negotiations with Qualcomm and/or Magna to ascertain the best possible outcome for its stockholders."
Veoneer said the merger agreement with Magna "remains in full force and effect, and the board of directors of Veoneer has not withdrawn or modified its recommendation that the stockholders of Veoneer vote in favor of the approval of the merger."
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(END) Dow Jones Newswires