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Industry: Email Alert RSS FeedMeridian Withdraws IPO Plan - Meridian Automotive Systems Inc. cancels planned initial public offering - Brief Article
Autoparts Report, March 4, 2003
Parts supplier Meridian Automotive Systems Inc. decided against going forward with its initial public offering, because "current market conditions" didn't support an offering at this time. The Dearborn, Michigan-based firm had planned to raise as much as $173 million through a sale of its common stock, according to Securities and Exchange Commission filings.
The company never detailed the price or amount of shares to be offered. Credit Suisse First Boston and Banc of America Securities LLC were to have underwritten the IPO.
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Meridian, which first filed to go public in August 2002, supplies bumpers and other parts to Ford, General Motors and DaimlerChrysler.
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