Gehl Company will be acquired by French firm
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 executed through a tender offer for all outstanding shares of Gehl by a Manitou subsidiary, Tenedor Corp., followed by a second step, cash-out merger.
Gehl Company expects that its current management team will be retained after the transaction.
William Gehl, chairman and chief executive officer of the company, said, "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."
Manitou currently owns approximately 14.40 percent of Gehl Company’s outstanding stock.
Gehl Company is a manufacturer of compact equipment used worldwide in construction and agricultural markets. Founded in 1859, Gehl Company markets its products under the Gehl and Mustang brand names.
Gehl Company’s stock is traded on the Nasdaq Stock Exchange. Its acquisition by a French firm means Wisconsin will lose another home-based publicly traded company.