Meridian Withdraws IPO Plan.
Autoparts Report • March 4, 2003 • Meridian Automotive Systems Inc. cancels planned
initial public offering
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.
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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