On October 2, Modine Manufacturing rose 5.01% in regular trading, trading at $179.66/share, with turnover of $37.6415 million. The rally was driven by the official completion of the company's spin-off of its Performance Technologies business and its combination with Gentherm through a Reverse Morris Trust transaction.

Under the deal, Modine shareholders received 0.44619 shares of Gentherm for each Modine share held, and Modine received approximately $156 million in cash from SpinCo to repay outstanding debt. Following the closing, Modine shareholders now own approximately 43.62% of the combined Gentherm entity. Gentherm also declared a special dividend of $2.07 per share, payable October 7 to stockholders of record as of September 28, though Modine shareholders who received Gentherm shares through the merger are not entitled to this dividend.

With the transaction now complete, Modine Manufacturing will rebrand as Modexus Solutions, repositioning itself as a diversified thermal management solutions company. The deal was approved by Gentherm shareholders at a special meeting on September 11 and closed on October 1 as scheduled.

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