Manitou BF SA last week said the French manufacturer purchased an additional 8.99 million shares of Gehl stock, clearing the way for its subsidiary, Tenedor Corp., to merge with Gehl Co.
On Sept. 8, Gehl chairman and CEO William Gehl announced an agreement with Manitou for it to acquire Gehl’s stock for $.30 per share, effectively doubling the value of Gehl stock. Manitou conducted the stock purchases during a tender offer from Sept. 8 to Oct. 20.
Gehl, based in West Bend, Wis., has manufacturing facilities in Madison and Tankton, N.D., and Belvidere, Ill.
The purchases, along with the 1.75 million shares Manitou already owned, gives it about 89 percent of the Gehl stock.
Manitou, meanwhile, has extended its offering period for all remaining shares of Gehl stock to noon, Oct. 24.
Manitou said its purchase of outstanding stock would total $331 million. It financed the purchases with part of Manitou’s liquid assets and a €210 million (about U.S. $272 million) term loan from a European banking institution.
Manitou, based in Ancenis, France, designs, manufactures and distributes material-handling equipment for the construction, agriculture and industrial sectors, and has a network of about 600 distributors in 120 countries. It makes aerial work platforms, compact loaders, masted forklift trucks and stackers, and is respected in the industry for the quality of its engineering.