Manitex to be acquired by Tadano in $223M transaction

Manitex announced that it has entered into a definitive agreement to be acquired by Tadano in an all-cash transaction at an equity value of $123M and total transaction value of $223M, including outstanding debt. Under the terms of the transaction, Manitex shareholders will receive $5.80 per share in cash, which represents a premium of approximately 52.2% over the company’s closing share price of $3.81 on September 11, the last full trading day before announcement of the transaction, and a premium of approximately 47.9% to the 30-day volume weighted average price of Manitex’s shares through September 11. Upon completion of the transaction, Manitex’s shares will no longer trade on Nasdaq or any other public market.