Gehl Co. a manufacturer of construction and agricultural equipment, said its board of directors determined that the best strategy for the company was to remain independent.
The West Bend, WI-based company said it received and reviewed an amended Schedule 13D filing that Newcastle Partners L.P. and CIC Equity Partners, Ltd. filed recently, which included an offer to acquire the company.
After reviewing the offer, the board reaffirmed its belief that the company’s business strategy, pursued as an independent public company, presents the best alternative to maximize long-term shareholder value.
The company noted that the offer submitted by Newcastle and CIC is subject to a multitude of contingencies and conditions.
