Viasystems Group cancels public offering of 2 million common shares

CEO Sindelar: Share price does not reflect company's 'inherent value'

By Devika Patel

Knoxville, Tenn., Nov. 16 - Viasystems Group, Inc. said it has withdrawn its public offering of its common stock to unfavorable market conditions. The offering was announced Nov. 9 and would have consisted of 2 million shares.

"We believe that the current market conditions are not favorable to continue with the offering at this time. The company's management team and board of directors do not consider the current market price of the company's common stock to be reflective of its inherent value," chief executive officer David Sindelar said in a press release.

Viasystems is a St. Louis provider of complex multi-layer printed circuit boards, wire harnesses and electro-mechanical solutions.

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