It’s official: ASV Holdings will be acquired by Yanmar America Corporation. Landscape Management reports that the merger was approved during a meeting of ASV stockholders on September 4. Over 80 percent of the company’s nearly 8 million shares voted for the proposal.
Per the terms of the merger, Yanmar will take control of ASV’s production plant in Grand Rapids, Minnesota, USA. Further, as Landscape Management reports, “each share of ASV common stock will be converted into the right to receive $7.05 in cash, without interest, for a total value of $70.7 million. The transaction is expected to close on Sept. 11, subject to customary closing conditions. Upon the closing of the transaction, ASV common stock will be delisted from the Nasdaq Capital Market.”
ASV Chairman and CEO Andrew Rooke said the move was made with the company’s vision and future in mind:
“Yanmar is a strong strategic buyer for ASV. Yanmar shares our vision to provide the highest-quality products, values the long legacy of ASV and is committed to supporting its employees and distribution partners. The ASV product is complementary to the Yanmar portfolio of compact equipment creating a comprehensive equipment solution for current and future customers.”
News of the acquisition first broke in June. At the time, Giuliano Parodi, Executive Officer of Yanmar Holdings, stated:
“We believe that the Yanmar Group’s acquisition of ASV will significantly bolster Yanmar’s compact equipment offerings in the loader segment, a product range vital for success in the all-important North American market. With its highly-skilled workforce and quality CTL/SSL lineup, ASV is a great fit for both Yanmar’s focus on quality, and our growth and expansion plans in the North American and global markets as it will create a comprehensive and global provider of compact equipment with virtually no overlap in distribution networks.”