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Dec. 19, 2011 The Mainichi Daily News reports: Agricultural machinery maker Kubota Corp. said December 16 it will launch a friendly tender offer to acquire all outstanding shares in Kverneland ASA, a Norwegian manufacturer of tractor equipment. The acquisition is aimed at a full-scale entry into the market for upland farming equipment especially in Europe, Kubota said. Kubota is hoping to raise the sales ratio of upland farming machinery to 50 percent of all sales from agricultural equipment. The Osaka-based company has set aside 17 billion yen for the tender offer to be carried out from Jan. 6 to 20. Founded in 1879, Kverneland manufacturers and sells plowing, seeding and other products used in soil preparation. CNH news release CNH Global NV ("CNH") confirms that it has today sent to the Kverneland ASA Board of Directors a non-binding indication of interest with respect to the potential launch of a voluntary tender offer for 100% of Kverneland ASA's outstanding shares at a price per share equal to NOK 9.50 (equivalent to an aggregate consideration of USD 246 million for 100% of Kverneland ASA's outstanding shares). The actual launch of such offer is subject to certain conditions including completion of satisfactory due diligence. Tweet |
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