Yanmar’s acquisition of ASV Holdings has been given the green light by ASV shareholders.
At a special meeting of stockholders held Sept. 4, ASV’s stockholders voted of the acquisition of the company by Yanmar America Corporation in an all-cash transaction.
At the meeting, 7,998,119 shares were voted in favour of the proposal to adopt the merger agreement, representing about 80.7 per cent of the outstanding shares of ASV’s common stock entitled to vote, and about 99.9 per cent of the shares voted at the special meeting.
Now, ASV will file the final voting results with the Securities and Exchange Commission. Under the terms of the agreement, each share of ASV common stock will be converted into $7.05 in cash, without interest.
The transaction is expected to close on September 11. Upon the closing of the transaction, ASV common stock will be de-listed from the Nasdaq Capital Market.
Yanmar first announced its plan to acquire ASV on June 27, 2019.
“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,” said Giuliano Parodi, executive officer of Yanmar Holdings.
ASV manufactures compact track loaders and skid steers. The company has an independent dealer network throughout North America, Australia and New Zealand. The company also sells OEM equipment and aftermarket parts. ASV owns and operates a 238,000 square-foot production facility in Grand Rapids, Minnesota.
ASV (All Season Vehicles) was founded in 1983 by Edgar Hetteen and Gary Lemke when they set out to develop a pick-up-sized rubber-tracked vehicle called the Track Truck. Both Hetteen and Lemke were forerunners of the early snowmobile industry.
In 2008, ASV was acquired by Terex, and most recently, Manitex International acquired 51 per cent of the company.
With its origins in Osaka, Japan, in 1912, Yanmar was the first to manufacture a compact diesel engine of a practical size in 1933.
Today, Yanmar is a provider of small and large engines, agricultural machinery and facilities, construction equipment, energy systems, marine equipment, machine tools and components.