Toyota Industries Buying Cascade For $759M
NEW YORK (AP) -- Japanese transportation equipment company Toyota Industries is buying U.S. parts maker Cascade in a deal valued at $759 million.
Toyota Industries Corp., a sister company of automaker Toyota Motor Corp., will pay $65 per share for Cascade, the companies said Monday. That's an 18 percent premium to Cascade's Friday closing price of $55.08.
Toyota Industries makes lift trucks, parts for autos and some vehicles for Toyota Motor.
Shares of Cascade, which makes lift truck replacement parts, are up 18 percent to $64.80 in morning trading.
Both companies' boards approved the transaction, which is targeted to close by year's end. The Fairview, Ore., company would become a Toyota Industries subsidiary.
A tender offer is expected to start no later than Nov. 5.