Shareholder To Buy Gehl Co.

Gehl Co., 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 Corp., followed by a second step, cash-out merger. The current management team is expected to be retained following the transaction.

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