Manitou to Purchase Gehl Company

Thu October 02, 2008 - National Edition
CEG



Gehl Company 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 Corporation, followed by a second step, cash-out merger. The all-cash $30 per share purchase price reflects a 120 percent premium over the company’s closing price on Sept. 5. It is expected that the current management team will be retained following the transaction.

William D. Gehl, chairman and chief executive officer of the company, commented, “We are pleased to announce the next step in the evolution of Gehl Company toward becoming a more significant player in the global compact equipment marketplace. The combination of Gehl Company and Manitou offers a substantial value to our shareholders today while affording our dealers and employees with future opportunities for continued success.”