ASV Holdings, Inc., a provider of rubber-tracked compact track loaders (CTLs) and wheeled skid steer loaders (SSLs) in the compact construction equipment market, announced that it has entered into a definitive merger agreement with an affiliate of Yanmar Holdings. Under the terms of the agreement, which been approved by both the ASV and Yanmar boards of directors, ASV stockholders will receive $7.05 in cash for each outstanding share of ASV common stock, for a total value of $70.7 million.
The ASV board of directors unanimously approved the agreement with Yanmar and recommends that ASV stockholders vote in favor of the transaction.
The combination of ASV’s compact track loaders and skid steer loaders with the compact equipment portfolio of Osaka, Japan based Yanmar, creates a comprehensive and global provider of compact equipment with virtually no overlap in distribution networks. The ASV employee base, its manufacturing and distribution facility, international distribution network and supply chain creates a strong platform for North American expansion and will be a key part of Yanmar’s long term international growth plans.
The transaction is subject to approval by ASV stockholders and other customary closing conditions and is expected to close in the third quarter of 2019. In conjunction with the merger agreement, a subsidiary of Terex Corporation, which owns 34 percent of the outstanding shares of ASV, has entered into a stockholder voting agreement in support of the merger.
Published in the August 2019 Edition
