Arctic Cat To Be Acquired By Textron Specialized Vehicles, Inc.
Minneapolis based recreational vehicle manufacturer, Arctic Cat (Nasdaq: ACAT) announced on January 25th that it has entered into a definitive merger agreement to be acquired by Textron Specialized Vehicles, Inc. Textron Specialized Vehicles is a leading global manufacturer of golf cars, utility and personal transportation vehicles, professional turf-care equipment, and group support equipment – it is a subsidiary of Textron, Inc. (NYSE: TXT). Textron, Inc. is a multi-industry company with over $13.4 billion in revenue, while employing over 35,000 people. Under the agreement, Arctic Cat will become part of Textron under their specialized vehicle subsidiary, while maintaining the Arctic Cat brand. By acquiring Arctic Cat, Textron plans on increasing its portfolio size in the recreational power sports industry to become an industry leader.
Under the agreement, Textron will acquire Arctic Cat in an all cash transaction valued at approximately $247 million, plus existing debt. All outstanding shares of Arctic Cat will be purchased at $18.50 per share, creating a 40.7 percent premium (as of January 20th). The offer is expected to be provided to shareholders no later than February 7, 2017.
Read the full press release at www.arcticcat.com
Below are highlights of additional Merger and Acquisition activity from the last week:
Pharmaceuticals M&A News: Johnson & Johnson (NYSE: JNJ) announced on January 26th that it has entered into a definitive agreement to acquire all outstanding shares of Actelion (SIX: ATLN) for $280 per share. Actelion is a leading biopharmaceutical company focused on the discovery, development, and commercialization of innovative drugs for diseases with significant unmet medical need. The transaction is expected to close in the second quarter of 2017.
Read more at www.jnj.com
Food & Beverage M&A News: On January 27th, Tesco PLC, the U.K.’s number one grocer by market share, has entered into a definitive agreement to purchase Booker Group PLC for $4.7 billion. Booker Group PLC is food wholesaler to approximately 700,000 convenience stores, grocers, pubs, and restaurants.
Read more at www.tesco.com
Industrial Machinery M&A News: On January 30th, Mueller Water Products, Inc. (NYSE: MWA) announced that it has entered into a definitive agreement to acquire Singer Valve for $34 million in an all cash transaction. Singer Valve designs and manufacturers automatic control valves as well as similar values used in industrial, commercial, and fire protection applications. The transaction is expected to close in the second quarter of 2017.
Read more at www.muellerwaterproducts.com
