Gehl Company has signed a definitive agreement to be acquired for $30 per share by its largest shareholder, Manitou BF S.A., a manufacturer and distributor of material handling equipment headquartered in France.

The transaction, with an aggregate enterprise value of approximately $450 million, will be effected through a tender offer for all outstanding shares of Gehl by a Manitou subsidiary, Tenedor Corporation, followed by a second step, cash-out merger. The all-cash $30 per share purchase price reflects a 120 percent premium over the company’s closing price on Sept. 5. It is expected that the current management team will be retained following the transaction.

William D. Gehl, chairman and chief executive officer of the company, commented, “We are pleased to announce the next step in the evolution of Gehl Company toward becoming a more significant player in the global compact equipment marketplace. The combination of Gehl Company and Manitou offers a substantial value to our shareholders today while affording our dealers and employees with future opportunities for continued success.”

Today's top stories

Iconic Hotel Being Demolished to Make Way for Baseball Stadium

MD 4 Project to Add Diamond Interchange

Volvo Construction Equipment Showcases New Products at North American Volvo Days

VIDEO: Anniversary of Highway Workers' Memorial Renews Calls for Work Zone Safety

Yanmar Compact Equipment Introduces New Line of Branded Attachments for Compact Track Loaders

Caterpillar Introduces Dynamic Energy Transfer Solution for Battery, Diesel-Electric Mining Equipment

Five Finalists Compete for Grand Prize Makeover in Bobcat Park and Rec Makeover Contest

VIDEO: Students From Washington, Ohio Earn Top Honors in Annual ARTBA Transportation Video Contest