Visteon Pooh-Poohs Johnson Controls' $1.3B Offer

Law360, New York (June 1, 2010, 3:59 PM EDT) -- Bankrupt auto parts supplier Visteon Corp. has formally rejected Johnson Controls Inc.'s unsolicited offer to buy out its interiors and electronics businesses for $1.25 billion, saying it would prefer to stick with its Chapter 11 reorganization plan.

Visteon simultaneously sent a letter to Johnson and made an announcement to its shareholders Tuesday indicating that it would not accept the deal.

“The board of directors of Visteon has studied your proposal carefully and has unanimously concluded that our stakeholders, as well as our customers and employees, are...
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