Textron Adds Arctic Cat
By pdamon25 January 2017
Textron Inc. will acquire Arctic Cat Inc. in a cash transaction valued at approximately $247 million, plus the assumption of existing debt. Under the terms of the agreement, which was unanimously approved by the Arctic Cat board of directors, Textron, through a wholly owned subsidiary, will commence a tender offer to purchase all outstanding shares of Arctic Cat at $18.50 per share in cash, representing a 40.7 percent premium to the closing price of Arctic Cat’s common stock on January 20, 2017.
Arctic Cat anticipates that tender offer materials will be provided to shareholders no later than February 7, 2017. The completion of the acquisition is subject to customary conditions and regulatory approvals.
Arctic Cat will become part of Textron’s Specialized Vehicles business, maintaining its Arctic Cat brand, as well as its current manufacturing, distribution and operational facilities. Textron Specialized Vehicles is a global manufacturer of golf cars, utility and personal transportation vehicles, professional turf-care equipment, and ground support equipment. Textron Specialized Vehicles markets products under the E-Z-GO, Cushman, Textron Off Road, Jacobsen, Dixie Chopper, Ransomes, TUG, Douglas, Premier and Safeaero brands.