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ART'S WAY MFG TERMINATES ACQUISITION OF IMPERIAL STEEL TANK CO
Aug. 18, 2011
Source: Art's-Way Manufacturing news release
Art's Way Manufacturing Co., Inc., (NASDAQ: ARTW) a leading manufacturer and distributor of farm machinery in the United States and internationally, has announced the termination of the proposed acquisition of Imperial Steel Tank Company, located in Frankfort IL, which was contemplated by a Letter of Intent dated June 5, 2011. The parties had not reached a definitive agreement regarding the transaction at the time that negotiations were terminated. The Letter of Intent provided that closing of the transaction would be subject to various conditions which were not met to the mutual satisfaction of the respective parties, including the successful completion of due diligence, board approval and satisfaction of customary closing conditions.
J. Ward McConnell Jr., Chairman of the Board of Directors said, "While we are disappointed this acquisition was not completed as expected, we are aggressively looking for other acquisition opportunities to help grow our business and increase shareholder value, as we have always been. Our management team and board remain excited about the Company's prospects for the future and we are committed to achieving long-term success."
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