Manitou Acquires Gehl

Gehl Corp., West Bend, WI, said it will be purchased by its largest shareholder France-based Manitou BF SA for $450 million, or $30 per share, the Associated Press reports. Manitou, a material handling equipment maker, signed a definitive agreement to acquire all outstanding Gehl shares in an all-cash tender offer ending Oct. 20, Gehl said. The offer reflects a 120% premium over recent closing prices.

Manitou said this acquisition is consistent with their growth plans in the U.S. and globally, and will enable the company to strengthen its operations in both the construction and agriculture segments of the U.S. market, with equipment tailored for those market segments and sold through three separate distribution channels: Gehl, Mustang and Manitou.