BOSTON (Thomson Financial) - Terex Corp. said Monday it agreed to purchase
A.S.V. Inc. through a tender offer valued at about $488 million, or $18 a share
of ASV common stock.
The offer price of $18 a share is a premium of more than 46% to A.S.V.'s
closing price Friday of $12.29.
Terex, a Westport, Conn.-based construction equipment manufacturer, said it
expects the deal to close by the end of the first quarter.
Headquartered in Grand Rapids, Minnesota, A.S.V is a manufacturer of compact
rubber track loaders and related accessories.
Terex shares closed Friday at $52.93.
Shares of ASV were halted in the premarket Monday.
Greg Saulnier
gs/jw
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