There have been a handful of reports about two companies making offers to buy Norwegian farm machinery company Kverneland. Reportedly, CNH and Kubota are interested in acquiring the company, which includes the Kverneland and Vicon brands of forage harvesting equipment, balers, tillage, seeding systems , fertilizer spreaders and sprayers.
Published on: 11:11AM Dec 21, 2011
In an official announcement CNH said: “CNH sent the Kverneland ASA Board of Directors a non-binding indication of interest with respect to the potential launch of a voluntary tender offer for 100% of Kverneland ASA's outstanding shares at a price per share equal to NOK 9.50 (equivalent to an aggregate consideration of USD 246 million for 100% of Kverneland ASA's outstanding shares). The actual launch of such offer is subject to certain conditions including completion of satisfactory due diligence.”
The Wall Street Journal reports, “Earlier Wednesday, Kubota announced it had agreed with Kverneland shareholder Umoe AS to buy its 31.8% of Kverneland for NOK10.50 per share, topping CNH's NOK8.50 per share non-binding bid. Kubota has also offered NOK10.50 per share in cash for the remaining Kverneland shares. Should CNH decide to up its offer for Kverneland, Kubota would still own a 31.8% stake in the company.”
Kubota’s offer was extended on Dec. 16. CNH gave its offer on Dec. 19.