Terex begins tender offer for ASV

By Lisa Kerner

Charlotte, N.C., Jan. 28 - Terex Minnesota, Inc., a wholly owned subsidiary of Terex Corp., began an $18-cash-per-share tender offer for A.S.V., Inc.

The tender offer, which is not conditioned on financing, is slated to end at midnight ET on Feb. 25, according to a Terex news release.

ASV's board of directors recommended its shareholders accept the offer and tender their shares.

It was previously reported that Caterpillar Inc., owner of 23.5% of ASV shares, would support the merger.

On Jan. 14, Terex announced an agreement to acquire ASV in a deal valued at $488 million.

Terex called the acquisition an "excellent strategic and cultural fit" that is expected to add up to $250 million in sales for Terex on a 2008 full-year basis.

Terex is a diversified manufacturer located in Westport, Conn.

ASV, based in Grand Rapids, Minn., manufactures compact rubber track loaders and related accessories, undercarriages and traction products.

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