Gehl Co. has signed a definitive agreement to be acquired for $30 per share by its largest shareholder, Manitou BF S.A., a manufacturer and distributor of material handling equipment headquartered in France. The transaction, with an aggregate enterprise value of approximately $450 million, will be effected through a tender offer for all outstanding shares of Gehl by a Manitou subsidiary, Tenedor Corp., followed by a second step, cash-out merger. It is expected that the current management team will be retained following the transaction.
William Gehl, chairman and CEO, commented, "We are pleased to announce the next step in the evolution of Gehl Co. toward becoming a more significant player in the global compact equipment marketplace. The combination of Gehl Co. and Manitou offers a substantial value to our shareholders today while affording our dealers and employees with future opportunities for continued success."
Manitou currently owns approximately 14.40 percent of Gehl’s outstanding stock.
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