South Korean electronics giant Samsung Electronics is in talks to acquire US-listed thermal management company Modine Manufacturing, Bloomberg News and Reuters reported Thursday and Friday citing people familiar with the matter. Based in Wisconsin, Modine carries a market value of roughly $5.6 billion and manufactures cooling systems widely used in data centers. News of the potential takeover sent Modine shares surging 27 percent to 29 percent in Thursday's extended trading.
According to KED Global, Korea Wind Intel, and Shattered on Friday, the Reuters report surfaced at 4:12 p.m. ET Thursday following Bloomberg's initial disclosure. People briefed on the talks said Samsung and Modine are discussing a potential acquisition aimed at reaching an agreement within weeks at the earliest. Sources cautioned that no final decision has been reached, and discussions could still collapse or draw competing bidders. Asked about the reports by Bloomberg, a Samsung Electronics representative stated briefly: "We cannot confirm this." Both Samsung and Modine officially declined further comment on market rumors.
Market data from HeyGotrade and StockTitan showed Modine shares trading on the New York Stock Exchange rallying nearly 29 percent in Thursday after-hours trading and climbing 30.36 percent in Friday premarket quotes. Analysts at Shattered emphasized that zero financial terms, offer prices, valuation premiums, or deal structures have been disclosed by either company. Explainx noted: "Samsung Electronics is reportedly in talks to buy Modine Manufacturing, a Wisconsin maker of data center cooling systems with a market value of about $5.6 billion." Modine Manufacturing, headquartered in Racine, Wisconsin, has expanded aggressively into data-center thermal management over recent years; its portfolio spans precision air conditioning, chillers, and direct-to-chip liquid cooling equipment designed for high-density compute racks.
