Find a contractor Buyer's guide Partner with us
MCAA Logo
Log in Sign up Join Hi, there Account
2026 Midyear Registration is OPEN
Find a contractor Buyer's guide Partner
Log in Sign up Join Account

Manitou BF S.A. Acquires Gehl Co.

Words: Artisan Tile companyGehl Company signed a definitive agreement to be acquired for $30 per share by its largest shareholder, Manitou BF S.A., a manufacturer and distributor of material handling equipment headquartered in France. The transaction, with an aggregate enterprise value of approximately $450 million, will be effected through a tender offer for all outstanding shares of Gehl by a Manitou subsidiary, Tenedor Corporation, followed by a second step, cash-out merger. The all-cash $30 per share purchase price reflects a 120 percent premium over the Company's closing price on September 5, 2008. It is expected that the current management team will be retained following the transaction.

William D. Gehl, chairman and chief executive officer of the company, commented, "We are pleased to announce the next step in the evolution of Gehl Company toward becoming a more significant player in the global compact equipment marketplace. The combination of Gehl Company and Manitou offers a substantial value to our shareholders today while affording our dealers and employees with future opportunities for continued success."

The definitive agreement provides that the tender offer, which commenced September 8, will remain open until 5 p.m., New York City time, on October 20, 2008, unless extended. Any extension would be announced no later than 9 a.m., New York City time, on the first business day after the previously scheduled expiration. The completion of the tender offer is subject to the satisfaction of various conditions, including the valid tender of shares representing two-thirds of the Company's outstanding common stock on a fully diluted basis and the receipt of applicable regulatory approvals. Assuming that the tender offer is successfully completed, shares not tendered will be cashed out in a second step merger at the same $30 per share. The definitive agreement contains customary terms and conditions, including the company's right to terminate the agreement to accept a superior offer. In the event of a termination to allow the Company to accept a superior offer, and subject to the company's payment of a termination fee of $14 million, Manitou would be obligated to tender its shares into the superior offer. Manitou currently owns approximately 14.40 percent of the company's outstanding stock. Manitou's CEO, Marcel-Claude Braud, is a director of the company but did not participate in deliberations of the company's board of directors concerning the tender offer.
 0
Bonding with Masonry 2026: Q2
June 2026

This issue’s questions come from a Mason Contractor and an Engineer. What questions do you have? Send them to info@masonrymagazine.com, attention Technical Talk.

David Biggs
Bonding with Masonry
Read More
The Thirty-Year Mason: Ergonomics as a Retention Strategy
June 2026

In most industry circles, the conversation around the labor shortage follows a predictable script: How do we find the next generation of masons? While recruitment is vital, we often overlook the most valuable asset already on the job site: the experienced

Shayne Sanders
MAP Partner
Read More
Acme Brick Company Releases 2026 Pocket Guide to Brick Construction
June 2026

For more than four decades, all the basics of building with brick have come in a guide small enough to fit into a pocket. Acme Brick has just released a 2026 version of its Pocket Guide to Brick Construction. And yes, it’s still printed on paper just like

MAP Partner
Read More
Masonry in the Media: Casa Azul, Chapultepec Castle, & More
June 2026

A film’s settings can take viewers to new locations, all from the comfort of their own home. It immerses them in the scenes, whether they take place in an opera house in Brazil or a grand mansion in Mexico City. Explore how these Latin American masonry ma

Lily Burger
Masonry in the Media
Read More