WEST BEND, Wis. (AP) -- Construction and farm equipment maker Gehl Corp. said Monday it is being purchased by its largest shareholder Manitou BF SA for $450 million, or $30 per share.
Manitou, a France-based material handling equipment maker, signed a definitive agreement to acquire all outstanding Gehl shares in an all-cash tender offer beginning Monday and ending Oct. 20, Gehl said.
The offer reflects a 120 percent premium over Friday's closing price of $13.66 per share.
Manitou currently holds 14.4 percent of Gehl's outstanding stock.
Shares of Gehl more than doubled to $29.50 in premarket activity.