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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 way of a personal fairness agency is a doable choice, in keeping with the report.
American Axle (AXL) faces challenges to keep up income as key clients akin to Ford and Common Motors electrify their automobiles and change to completely different sorts of drivetrain elements.
The corporate’s web debt totaled $2.67B, or ~3.6x earnings, on the finish of Q1, which Bloomberg stated could possibly be a hurdle to a sale.
American Axle (AXL) not too long ago reported higher than anticipated Q1 adjusted earnings.
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