Maxim Crane Works Holdings last week said that its board of directors has approved the initiation of a traditional “Dutch auction” tender offer to purchase up to 2.5 million shares of its common stock and share equivalents at between $45.75 and $51 per share.
The tender offer will begin June 4 and expire, unless extended, June 29.

The number of shares proposed to be purchased represents about 24.5 percent of the company’s outstanding shares. Maxim anticipates that the purchase will be financed from borrowings under a new credit facility to be entered into before the expiration of the tender offer.

The tender offer is not subject to a minimum number of shares being tendered, but is subject to placement of the credit facility.

The dealer manager for the tender offer is Goldman, Sachs & Co., and the information agent is D.F. King & Co.

Maxim in January announced that it had completed its analysis of business alternatives embarked upon last year, determining that shareholder value could best be realized by capturing incremental operating efficiencies and improved penetration in existing markets. At that time its board authorized management and Goldman, Sachs & Co. to develop a share-repurchase program.

Based in Bridgeville, Pa., Maxim Crane Works is No. 7 on the RER 100 and is believed to be the largest crane rental company in North America.