Visteon has announced that after a thorough analysis, it has rejected an unsolicited proposal from Johnson Controls, to purchase certain assets associated with Visteon’s interiors and electronics businesses.
Visteon conveyed the reasons for its decision in a letter sent today from Visteon to Johnson Controls:
The Board of Directors of Visteon has studied your proposal carefully and has unanimously concluded that our stakeholders, as well as our customers and employees, are best served by moving forward with our previously announced Plan of Reorganization to emerge from bankruptcy as a strong, independent, stand-alone company.
In short, we have determined that our Plan of Reorganization is the best path forward for Visteon and that your proposal does not warrant further consideration. Given all of the above, we trust you will respect our decision.
On a related matter, I am concerned that JCI’s recent contacts with our customers and aggressive characterizations of your proposal could potentially damage our business and relationships with key customers.
I assume these communications are occurring without your knowledge and ask that you personally see that such communications end.
Finally, because of the public announcement of your proposal, the Company is obliged to share the contents of this letter with its stakeholders, and intends to do so imminently through a press release.