Clark Equipment Co., an indirect wholly owned subsidiary of Ingersoll-Rand Co., last week announced the commencement of a cash tender offer to purchase any and all of its outstanding 8 percent medium-term notes due May 1, 2023, 8.15 percent medium-term notes due May 15, 2023 and 8.35 percent medium-term notes due May 15, 2023. The tender offer and the related consent solicitation are being made pursuant to the offer to purchase and consent solicitation statement dated Sept. 17, 2007, and the related letter of transmittal and consent.
The tender offer and consent solicitation are being conducted in connection with the previously announced agreement of Ingersoll-Rand and certain of its subsidiaries with Doosan Infracore Co. Ltd., and Doosan Engine Co. Ltd. to purchase Clark and certain related assets from Ingersoll Rand. Upon the completion of the sale, Clark will become a wholly owned subsidiary of Doosan Infracore Co., Ltd. The sale is subject to customary closing conditions, but the completion of the tender offer and consent solicitation is not a condition to completion of such sale.
The tender offer for the Notes will expire at 5 p.m., New York City time, on Sept. 28, unless extended or earlier terminated by Clark in its sole discretion.