GlobeNewswire Inc | Oct 4, 2021 09:05AM EDT

October 04, 2021

-- Magna waived four-day matching period to make counterproposal -- Veoneer to pay termination fee -- Decision to waive underscores Magnas disciplined approach to valuation

AURORA, Ontario, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced that the board of directors of Veoneer, Inc. has determined that the previously announced proposal by Qualcomm Incorporated to acquire Veoneer for $37 per share is a superior proposal under the terms of the previously announced merger agreement between Magna and Veoneer, and that Magna has waived the four-day matching period to make a counterproposal. Accordingly, Veoneer has terminated its merger agreement with Magna and entered into a merger agreement with Qualcomm.

In connection with the termination of the merger agreement with Magna, Veoneerwill pay a termination fee of $110 million to Magna.

Magnas waiver decision underscores our disciplined approach to valuation as we pursue strategic acquisitions and continue to act in the best interests of our shareholders, said Swamy Kotagiri, Magna's CEO. We remain confident in our long-term value creation potential and our path forward as one of the worlds largest automotive suppliers and key enabler to meet future mobility needs.

TAGSVeoneer Acquisition, Merger Agreement, ADAS

INVESTOR CONTACTLouis Tonelli, Vice-President, Investor Relations louis.tonelli@magna.com, +1 (905) 726 7035

MEDIA CONTACT Tracy Fuerst, Vice President, Corporate Communications and PRtracy.fuerst@magna.com, +1(248)761 7004

ABOUT MAGNA Magna is more than one of the worlds largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 158,000 employees and an organizational structure designed to innovate like a startup. With 60+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 347 manufacturing operations and 87 product development, engineering and sales centers spanning 28 countries.

For further information about Magna, please visit www.magna.com or follow us on Twitter @MagnaInt.

MAGNA FORWARD-LOOKING STATEMENTS

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE FORWARD-LOOKING STATEMENTS UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNAS REGULATORY FILINGS. PLEASE REFER TO MAGNAS MOST CURRENT MANAGEMENTS DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNAS SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNAS WEBSITE AT WWW.MAGNA.COM.