WESTPORT, Conn. (AP) - Construction equipment maker Terex Corp. said Monday
its Terex Minnesota Inc. unit started a tender offer to purchase ASV Inc. for
about $480.6 million in cash.
The company offered to buy all of ASV's outstanding stock for $18 per share.
ASV had 26.7 million outstanding shares as of Oct. 31.
The purchase price would be a 1 percent premium to ASV's closing stock price
of $17.79 on Friday.
ASV, which makes rubber track undercarriages used in heavy duty vehicles,
said it recommended shareholders accept the offer and tender their shares.
The offer, which does not include a financing condition, is set to expire on
Feb. 25 unless extended.
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