Westport, Conn.-based Terex Corp. last week completed its cash tender offer for all of the outstanding shares of common stock of A.S.V. Inc. for $18 per share. The offer expired at midnight, Eastern time, Monday, Feb. 25, at which time approximately 27.1 million shares of ASV, including nearly 3.1 million shares tendered under guaranteed delivery procedures, had been tendered and not withdrawn, representing about 98 percent of the outstanding ASV common stock. All shares that were validly tendered and not withdrawn have been accepted for payment in accordance with the terms of the tender offer.
Terex through its direct wholly owned subsidiary, Terex Minnesota Inc., will acquire all of the remaining outstanding shares of ASV common stock by means of a merger under Minnesota law. In the merger, each outstanding share of ASV common stock (other than shares to which the holder has properly exercised dissenters’ rights) will be converted into the right to receive $18 per share in cash, without interest. Following the merger, ASV common stock will no longer be traded on NASDAQ. Terex expects that the merger will be implemented on an expedited basis pursuant to the short form merger procedure available under Minnesota law.
Terex Corp. is a diversified global manufacturer with 2007 net sales of $9.1 billion. Terex operates in five business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, Terex Materials Processing & Mining, and Terex Roadbuilding, Utility Products and Other.
A.S.V. Inc. designs, manufactures and sells rubber track machines and related components, accessories, and attachments. ASV products are designed to traverse nearly any terrain with minimal damage to the ground, making them effective in markets such as construction, landscaping, forestry and agriculture. ASV’s wholly owned subsidiary Loegering Mfg. designs, manufactures and sells traction products and attachments for the skid-steer industry.
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