Gehl Being Acquired by Manitou

Posted on Tuesday, September 9, 2008

Construction and farm equipment maker Gehl Co., the largest employer in Madison, says it has agreed to be acquired by its largest shareholder, Manitou of France, in a $450 million transaction. Manitou, a material handling equipment maker, signed a definitive agreement to acquire all outstanding Gehl shares for $30 a share in an all-cash tender offer beginning Monday and ending Oct. 20. Manitou, which holds 14.4 percent of Gehl's outstanding stock, said it expects the current management team will be retained following the transaction. At the start of the year, Gehl reported employing 394 people at its Madison plant, which makes skidsteer loaders and compact construction equipment.

2008 Associated Press. All rights reserved. Material may not be redistributed.