CNH Wont Continue Bid for Kverneland
CNH Global NV’s chairman said the U.S. tractor and combine maker won’t make a new bid for Norway’s Kverneland after Japan’s Kubota Corp. offered more money for it.
It appeared that Kverneland was set to become the target of a bidding war in late December, when Kobuta offered more per a share for the company, challenging CNH’s bid.
Kverneland’s board recommended that shareholders accept Kubota’s offer, which was launched on Jan. 6 and runs until Jan. 20. Kubota’s offer has been accepted by Kverneland’s controlling shareholder, Umoe AS, giving the Japanese company a 31.8% stake.