ASV stockholders approve acquisition by Yanmar
September 5, 2019 - By LM Staff
ASV Holdings (ASV), a manufacturer of compact track loaders and skid-steer loaders, held a stockholder's meeting Sept. 4.
At the meeting, ASV's stockholders voted to adopt the merger agreement for ASV to be acquired by Yanmar America Corporation in an all-cash transaction. The merger agreement proposal was first announced on June 27.
Photo: ASV Holdings
Nearly 81 percent of the almost 8 million shares voted in favor of the acquisition.
The final voting results will be filed with the Securities and Exchange Commission on a Current Report on Form 8-K. Terex Corp., which owns 34 percent of ASV's shares, had entered into a stockholder voting agreement in support of the merger.
Andrew Rooke, chairman and CEO of ASV, said Yanmar Compact Equipment will gain ASV's manufacturing facility in Grand Rapids, Minn.
"Yanmar is a strong strategic buyer for ASV. Yanmar shares our vision to provide the highest-quality products, values the long legacy of ASV and is committed to supporting its employees and distribution partners," Rooke said. "The ASV product is complementary to the Yanmar portfolio of compact equipment creating a comprehensive equipment solution for current and future customers."
Under the terms of the agreement, each share of ASV common stock will be converted into the right to receive $7.05 in cash, without interest, for a total value of $70.7 million. The transaction is expected to close on Sept. 11, subject to customary closing conditions. Upon the closing of the transaction, ASV common stock will be delisted from the Nasdaq Capital Market.
Landscape Management recently traveled to Grand Rapids, Minn., to tour ASV's 238,000 square-foot production facility and test track. During the tour, ASV launched its new midframe, vertical-lift VT-70 High Output posi-track loader. Watch a video of Buck Storlie, product line manager at ASV, share details on the new machine.
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This article is tagged with acquisition, acquisition news, ASV Holdings Inc., mergers and acquisitions, Yanmar and posted in Today's Green Industry News