SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: July 24, 1998
BORG-WARNER AUTOMOTIVE, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12162 13-3404508
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
200 South Michigan Avenue, Chicago, Illinois 60604
(address of principal executive offices)
Registrant's telephone number, including area code: 312/322-8500
<PAGE>
Item 5. Other Events
On July 22, 1998, Borg-Warner Automotive, Inc. issued the press release
attached as Exhibit 99.1 announcing its adoption of a stockholder rights plan.
The information contained in the press release is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99.1) Borg-Warner Automotive, Inc. Press Release dated July 22, 1998.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
BORG-WARNER AUTOMOTIVE, INC.
By:/s/ Laurene H. Horiszny
---------------------------
LAURENE H. HORISZNY
Vice President, General Counsel and Secretary
Dated: July 24, 1998<PAGE>
EXHIBIT INDEX
(99.1) Borg-Warner Automotive, Inc. Press Release dated July 22, 1998.
Immediate Release
Contact
Mary Brevard
Director, Investor
Relations
& Communications
Phone: 312/322-8683
Fax: 312/461-0507
BORG-WARNER AUTOMOTIVE DECLARES QUARTERLY DIVIDEND AND
DIVIDEND DISTRIBUTION OF PREFERRED SHARE PURCHASE RIGHTS
Chicago, Illinois, July 22, 1998 -- The board of directors of
Borg-Warner Automotive, Inc. (NYSE:BWA) has declared a regular
quarterly dividend of $0.15 per share on all of the company's
issued and outstanding common stock. The dividend is payable
August 17, 1998, to shareholders of record on August 3, 1998.
The board has also declared a dividend distribution of one
Preferred Share Purchase Right on each outstanding share of
common stock.
John F. Fiedler, Borg-Warner Automotive's chairman and chief
executive officer, stated: "We believe that maintaining a rights
plan assures that all of our stockholders receive fair and equal
treatment in the event of any proposed takeover of the company.
The rights are not intended to prevent a takeover, but should
enable all our stockholders to realize the long-term value of
their investment in the company."
The rights will be exercisable only if a person or group
acquires 20% or more of Borg-Warner Automotive's voting common
stock or announces a tender offer the consummation of which would
result in ownership by a person or group of 20% or more of the
voting common stock.
The dividend distribution will be made on August 17, 1998,
payable to stockholders of record on August 3, 1998. The rights
distribution is not taxable to stockholders.
Chicago-based Borg-Warner Automotive, Inc. is a product
leader in highly engineered components and systems primarily for
automotive drivetrain applications. The company operates
manufacturing facilities in 12 countries serving the North
American, European and Asian automotive markets.
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