Gehl Co. to be acquired by Manitou


NEW YORK — Gehl Company announced Sept. 8 that it had signed an agreement to be acquired for $30 per share by its largest shareholder, Manitou BF S.A., a French manufacturer and distributor of material handling equipment.

The transaction is worth approximately $450 million.

A Manitou subsidiary, Tenedor Corporation, will buy all outstanding Gehl shares, and follow with a cash-out merger with Manitou. The all-cash $30 per share purchase price reflects a 120 percent premium over the company’s closing price Sept. 5.


William Gehl, chairman and CEO of the company, said the buyout is “the next step in the evolution of Gehl Company toward becoming a more significant player in the global compact equipment marketplace.”

It is expected that the current management team will be retained following the transaction.

Manitou currently owns approximately 14.4 percent of the company’s outstanding stock.

Manitou CEO, Marcel-Claude Braud, is a director of the Gehl Company but did not participate in deliberations of the company’s board of directors concerning the tender offer.


Gehl Company, founded in 1859, manufactures compact equipment used worldwide in construction and agricultural markets sold under the Gehl and Mustang brand names.

Manitou BF S.A., headquartered in France, designs, manufactures and distributes material handling equipment serving the construction, agriculture and industrial sectors.

With its 23 manufacturing and distribution subsidiaries, the Manitou Group is a global leader in all-wheel steer loaders and telescopic handlers.


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