On September 29, Modine Manufacturing rose 5.31% in regular trading, trading at $185.25/share, with turnover of $46.26 million. The stock experienced significant intraday volatility as the company's landmark spinoff and merger transaction approaches its expected closing date.

On the news front, Modine Manufacturing previously announced the spinoff of its Performance Technologies business and its subsequent merger with Gentherm, with the transaction expected to close on October 1. On September 18, the company disclosed additional transaction details including the spinoff record date. Gentherm simultaneously declared a special cash dividend of approximately $58.4 million, or an estimated $1.90 per share, payable on October 7 to shareholders of record as of September 28. Notably, Modine shareholders who receive Gentherm common stock through the merger will not be entitled to this special dividend.

Upon completion of the spinoff, Modine Manufacturing will rebrand as Modexus Solutions, repositioning itself as a diversified thermal management solutions company. Gentherm shareholders approved the acquisition of Modine's Performance Technologies business on September 11, clearing the key vote required to finalize the combination.

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