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American Axle & Manufacturing (NYSE:AXL) +12.6% after-hours on Friday following a Bloomberg report that the auto components provider is exploring a possible sale and has employed an adviser to assist with the method.
A leveraged buyout by means of a non-public fairness agency is a attainable possibility, in response to the report.
American Axle (AXL) faces challenges to keep up income as key clients akin to Ford and Basic Motors electrify their autos and swap to completely different sorts of drivetrain parts.
The corporate’s web debt totaled $2.67B, or ~3.6x earnings, on the finish of Q1, which Bloomberg mentioned might be a hurdle to a sale.
American Axle (AXL) lately reported higher than anticipated Q1 adjusted earnings.
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