Monitor integration execution and synergy realization over the next 2-4 quarters; the combined entity's revenue and margin trajectory will determine whether the strategic rationale materializes. The special dividend provides a near-term cash return to Gentherm shareholders.
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Executive Summary
Gentherm completed its Reverse Morris Trust acquisition of Modine's Performance Technologies business, creating a global thermal and precision flow management leader. Modine shareholders received 0.44619 Gentherm shares per Modine share, now owning ~43.62% of the combined company. Gentherm also declared a $2.07/share special dividend payable October 7, 2026.
Key Facts
- Transaction structured as a Reverse Morris Trust, intended to be tax-free to Modine shareholders.
- Modine shareholders received 0.44619 Gentherm shares per Modine share held as of Sept 28, 2026.
- Modine shareholders own ~43.62% of combined company; pre-closing Gentherm shareholders own ~56.38%.
- Modine received ~$156M cash distribution from SpinCo, used to repay debt.
- Gentherm declared a special dividend of $2.07/share payable Oct 7, 2026 to shareholders of record Sept 28, 2026.
- Paul Mascarenas appointed to Gentherm board, increasing board size to 10 members.
- Bill Presley and Jon Douyard continue as CEO and CFO; Katrin Schatz named Interim President of Modine Performance Technologies division.
- Gentherm acquired Modine brand, domains, and trademarks; will go to market as Modine.
Financial Impact
Modine shareholders received ~43.62% of combined company equity; Gentherm paid $2.07/share special dividend; Modine received ~$156M cash from SpinCo.
Risk Factors
- Integration risks and failure to realize anticipated synergies.
- Potential customer disruption from brand transition and organizational changes.
- Macroeconomic and automotive industry cyclicality affecting combined company performance.
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3373428 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | $29.00 | awaiting T+20 | — | $28.59 (−1.41%) |
Oct 26, 2026 today | Insider Buy | $28.61 | awaiting T+20 | — | $28.59 (−0.08%) |
Oct 22, 2026 5d ago | 8-K | $26.15 | awaiting T+20 | — | $28.59 (−9.33%) |
Oct 9, 2026 17d ago | 8-K/A | $30.92 | awaiting T+20 | — | $28.59 (−7.54%) |
Oct 6, 2026 20d ago | 3 | $30.38 | awaiting T+20 | — | $28.59 (−5.89%) |
Oct 1, 2026 25d ago | 8-K | $31.30 | awaiting T+20 | — | $28.59 (−8.66%) |
Oct 1, 2026 25d ago | Press Release | $31.30 | awaiting T+20 | — | $28.59 (−8.66%) |
Sep 17, 2026 5w ago | Press Release | $36.35 $29.04 | ▼ −20.11% | ▼ −20.31% | $28.59 (−21.35%) |
Sep 11, 2026 6w ago | 8-K | $38.85 $29.68 | ▼ −23.60% | ▼ −25.47% | $28.59 (−26.41%) |
Sep 10, 2026 6w ago | Press Release | $38.33 $29.93 | ▼ −21.91% | ▼ −24.04% | $28.59 (−25.41%) |
US Market Status
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