An update from Manitex International ( (MNTX) ) is now available.
Manitex International has announced a merger with Tadano Ltd., where Manitex will become a wholly owned subsidiary of Tadano. Shareholders of Manitex will receive $5.80 per share in cash, with certain conditions and regulatory approvals required for the merger’s completion. The agreement includes restrictions on Manitex’s ability to solicit other acquisition proposals, but provisions allow for considering superior bids under certain circumstances. The deal is not contingent on financing and contains a termination fee clause. Executive officers and directors of Manitex are set to receive special cash and equity awards upon the merger’s successful completion.
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