Manitou owns 89% of Gehl, begins subsequent offer for remaining shares

By Lisa Kerner

Charlotte, N.C., Oct. 21 - Manitou BF SA accepted a total of 8,988,693 shares of Gehl Co. common stock in its tender offer ended Oct. 20, giving Manitou a total ownership interest of 89%.

An additional 1,315,245 Gehl shares were tendered through guaranteed delivery.

Tenedor Corp., a Manitou subsidiary, began a subsequent offering period for all remaining Gehl shares.

The subsequent offering period will end at noon ET on Oct. 24, according to a Manitou news release.

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

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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