regulatory
confidence high
sentiment negative
materiality 0.60
AAM adds J.P. Morgan valuation details to proxy; faces 12 demand letters, 2 lawsuits
Dauch Corp
- Special meeting to approve Dowlais deal remains July 15, 2025; AAM voluntarily supplements proxy with J.P. Morgan analyses.
- J.P. Morgan DCF values AAM at $13.20–$22.10 per share (stand-alone, no synergies) with ~123.8M diluted shares.
- J.P. Morgan DCF values Dowlais at £0.90–£1.50 per share (stand-alone, no synergies) with ~1,359.1M diluted shares.
- Twelve demand letters and two complaints (Weiss v. AAM, Clark v. AAM) allege proxy omissions; company denies wrongdoing.
- J.P. Morgan trading multiples (3.5x–5.0x) applied to AAM 2025E EBITDA of $727M and net debt ~$2,072M imply AAM share price $3.80–$12.60.