Terex finishes tender offer for ASV

By Lisa Kerner

Charlotte, N.C., Feb. 26 - Terex Corp. completed its $18-per-share cash tender offer for A.S.V., Inc. and accepted roughly 98% of the company's shares for payment.

Some 27,133,130 shares of ASV, including 3,074,315 shares tendered under guaranteed delivery procedures, were tendered and not withdrawn in the offer that ended Feb. 25.

The offer began on Jan. 13.

Terex subsidiary Terex Minnesota, Inc., will acquire all of the remaining outstanding shares of ASV common stock via a merger under Minnesota law. Each outstanding share of ASV will be converted into the right to receive $18 cash per share, according to a company news release.

ASV's common stock will cease trading on Nasdaq once the merger closes.

It was previously reported that Terex would acquire ASV for $18 per share in a deal valued at $488 million.

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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