Modine sets September 28 record date for Performance Technologies spin-off
Gentherm's board declares a special cash dividend of about $1.90 a share, payable October 7, 2026, tied to the merger's close
Published
Modine Manufacturing has set the close of business on September 28, 2026 as the record date for the spin-off of its Performance Technologies business. The unit will be held through Platinum SpinCo Inc. ahead of its planned merger with a Gentherm subsidiary.
Gentherm's board has declared a special cash dividend estimated at $58,350,533 in aggregate, or about $1.90 per share. The dividend is payable October 7, 2026 and is conditioned on the merger closing.
The cash distribution that SpinCo pays to Modine ahead of the merger has been reduced from $210 million to $159 million, to offset an expected increase in the exchange ratio. The distribution and merger are still expected to close on October 1, 2026, after which Gentherm shareholders are expected to hold about 56.4% of the combined company and former SpinCo holders about 43.6%.
The lower cash distribution and smaller special dividend reflect adjustments to deal mechanics rather than any weakening in the underlying business, and they leave the October 1 closing date and ownership split on track. The changes are a procedural refinement in line with earlier approvals and the previously disclosed Google contract, and they leave the transaction's strategic rationale and valuation intact.