Accuride Corporation and Cetus Capital announced an agreement Thursday that gives a Cetus a seat on the wheel and component manufacturer’s board of directors.
Robert E. Davis, who is expected to be the appointee in January at the company’s annual stockholder’s meeting, has more than 25 years experience in capital markets and investments.
In addition to the board appointment, Accuride has agreed to shorten the expiration date of its shareholder rights plan such that it will expire no later than April 30, 2014. Accuride’s Board has also granted a limited waiver permitting Cetus to increase its ownership stake to an aggregate of 19.99 percent of the Company’s shares.
Cetus is already Accuride’s largest shareholder with 14.9 percent of the company’s shares.