Press Release

Veoneer provides update regarding discussions with Qualcomm

The automotive technology company Veoneer, Inc. confirmed that it has received an updated non-binding proposal from Qualcomm Incorporated providing for the acquisition of all of the outstanding shares of Veoneer at a price of $37.00 per share in cash, following Qualcomm’s public announcement of a proposal on August 5, 2021.

Veoneer is evaluating all of the terms of Qualcomm’s proposal in consultation with its financial and legal advisors and will, if appropriate, engage in negotiations with Qualcomm and/or Magna to ascertain the best possible outcome for its stockholders.

There can be no assurances that Veoneer’s discussions with Qualcomm will result in a transaction that the Veoneer board of directors determines is superior to Veoneer’s pending transaction with Magna. On July 22, 2021, Veoneer announced that it entered into a definitive merger agreement, approved by Veoneer’s board of directors, with Magna International Inc.  The merger agreement with Magna remains in full force and effect, and the board of directors of Veoneer has not withdrawn or modified its recommendation that the stockholders of Veoneer vote in favor of the approval of the merger, the merger agreement and the transactions contemplated thereby.

Morgan Stanley and Rothschild are serving as financial advisors to Veoneer, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor.

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