SUP - Superior Industries surges 17% after $160M takeover offer from M2 Capital (update)

Update 5:45pm : Adds Superior Industries comment.

Superior Industries ( NYSE: SUP ) jumped 17% after M2 Capital Partners offered to buy the auto parts maker for $160 million, or $5.85/share.

The offer represents a 36% premium to Superior's ( SUP ) closing price on Thursday, according to a statement. M2 Capital plans to immediately commence a tender offer for 100% of outstanding shares of Superior. Completion of the tender offer is expected to be in Q1. The transaction will be be funded by cash.

Superior Industries ( SUP ) responded to the offer in a statement.

"The Company is aware of the press release issued by M2 Capital Partners ( UK ) Limited today indicating its intent to make a proposal to acquire all of the outstanding shares of Superior Industries," Superior said in the statement. "As is always the case, the Board of Directors and Management team will evaluate any potential offers, if received, and act in the best interests of all shareholders. The Company will be making no further statements at this time."

The deal is subject to condition that at least 51% of shares are tended, according to the statement.

M2 Capital said that due to the "issue" it encountered during the company's attempt to acquire Kinross Gold in the spring of 2018, no outside advisors have been engaged prior to the offer.

Superior Industries ( SUP ) reported Q3 results last Thursday.

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