Manitou owns 95.3% of Gehl at close of tender offer

By Lisa Kerner

Charlotte, N.C., Oct. 24 - Tenedor Corp., a Manitou BF SA subsidiary, accepted a total of 9,752,734 shares of Gehl Co. following the end of its subsequent offering period on Friday.

Manitou said it now owns approximately 95.3% of Gehl.

In September, Manitou agreed to buy Gehl for $30 per share in an all-cash transaction valued at $450 million.

Tenedor will effect a short-form merger as soon as practicable, acquiring all remaining Gehl shares at the same $30-per-share price, according to a Manitou news release.

Once the transaction is complete, Gehl will become a wholly owned subsidiary of Manitou and its shares will be delisted from the Nasdaq.

It was previously reported that Tenedor accepted a total of 8,988,693 Gehl shares in the initial tender offer ended Oct. 20.

Located in West Bend, Wis., Gehl manufactures compact equipment used in construction and agricultural markets.

Manitou manufactures and distributes material-handling equipment used in the construction, agriculture and industrial markets. The company is based in Ancenis, France.

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