Terex Corporation, Westport, Conn., recently announced the successful completion of its cash tender offer for all of the outstanding shares of common stock of A.S.V., Inc., Grand Rapids, Mich., for $18 per share. The offer expired Feb. 25, at which time a total of approximately 27 million shares of ASV, including more than 3 million shares tendered under guaranteed delivery procedures, had been tendered and not withdrawn, representing approximately 98 percent of the outstanding ASV common stock. All shares that were validly tendered and not withdrawn have been accepted for payment in accordance with the terms of the tender offer.
Terex through its direct wholly owned subsidiary, Terex Minnesota, Inc., will acquire all of the remaining outstanding shares of ASV common stock by means of a merger under Minnesota law. In the merger, each outstanding share of ASV common stock (other than shares to which the holder has properly exercised dissenters' rights) will be converted into the right to receive $18 per share in cash, without interest. Following the merger, ASV common stock will no longer be traded on NASDAQ.
ASV designs, manufactures and sells rubber track machines and related components, accessories, and attachments. Its purpose-built chassis and patented rubber track undercarriage technology are unique and lead all rubber track loaders in innovation and performance. ASV's wholly owned subsidiary Loegering Mfg., Inc. designs, manufactures and sells traction products and attachments for the skid-steer industry.