WESTPORT, Conn. (AP) - Diversified manufacturer Terex Corp. said Monday it
agreed to buy construction equipment maker A.S.V. Inc. for about $488 million in
stock.
Terex said it will make the purchase through a tender offer of $18 per
share, appealing directly to A.S.V. shareholders instead of the more common
method of going through the board. That price represents a premium of 46 percent
to the stock's closing price of $12.29 Friday. At the end of September, A.S.V.
had 27.1 million shares outstanding.
A.S.V. makes compact track loaders used in construction.
Terex expects to close the deal by the end of the first quarter, assuming
holders of a majority of A.S.V. shares accept the tender offer and the purchase
gets regulatory approval.
Copyright 2007 Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten, or redistributed.
|