Westport, Conn.-based Terex Corp. last week announced that Terex Minnesota Inc., a wholly owned subsidiary of Terex, has commenced a tender offer to purchase all of the outstanding shares of A.S.V. Inc. common stock for $18 per share in cash.
The tender offer is being made pursuant to a merger agreement with ASV, and is scheduled to expire at midnight, Eastern time, Feb. 26, unless extended.
The board of directors of ASV has recommended that holders of shares of ASV common stock accept the offer and tender their shares in the offer.
There is no financing condition to the tender offer. The tender offer is subject to the satisfaction of certain conditions set forth in the agreement, including there being validly tendered and not withdrawn a majority of the total number of outstanding shares of common stock of ASV on a fully diluted basis, the receipt of required regulatory approvals and clearances, and other customary conditions.
Terex Corp. is a diversified global manufacturer with 2006 net sales of $7.6 billion.
ASV Inc. designs, manufactures and sells rubber track machines and related components, accessories, and attachments.
Goldman, Sachs & Co. acted as financial advisor to ASV on this transaction.
