Cummins Inc (CMI)

[Enterprising Investor]

Cummins Announces Final Exchange Ratio of 12.0298 in Split-Off of Atmus Filtration Technologies Inc. (3/11/24)

Today, Cummins Inc. (NYSE: CMI) (“Cummins”) announced the final exchange ratio for its previously announced split-off exchange offer to Cummins shareholders to exchange their shares of common stock of Cummins for shares of common stock of Atmus Filtration Technologies Inc. (NYSE: ATMU) (“Atmus”) currently held by Cummins.

For each share of Cummins common stock that is validly tendered and not properly withdrawn by shareholders and that is accepted by Cummins pursuant to the exchange offer, Cummins will deliver 12.0298 shares of Atmus common stock to or at the direction of any such tendering shareholder.

Based on the final exchange ratio, Cummins currently expects to accept for exchange approximately 5,574,051 shares of Cummins common stock if the exchange offer is fully subscribed. Because the exchange offer will be subject to proration if the exchange offer is oversubscribed, the number of shares of Cummins common stock that Cummins accepts in the exchange offer may be less than the number of shares validly tendered by Cummins shareholders.

The exchange offer is currently scheduled to expire at 12:00 midnight, New York City time, at the end of the day on March 13, 2024, unless terminated or extended.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the dealer managers for the exchange offer.

About Cummins

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. Headquartered in Columbus, Indiana, Cummins employs approximately 75,500 people committed to powering a more prosperous world. It operates a robust distribution and support network in more than 190 countries and territories. Cummins reported net sales of approximately $34.1 billion for the year ended December 31, 2023.

https://www.businesswire.com/news/home/20240311061899/en/