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United States : Textron Inc. commences Tender Offer for Acquisition of Arctic Cat Inc.
Publish Date : 06-Feb-2017
Textron Inc announced today it has commenced a tender offer for all of the issued and outstanding shares of common stock (the Shares) of Arctic Cat Inc. (NASDAQ: ACAT) for $18.50 per share, payable net to the holder in cash, without interest, subject to any withholding of taxes required by applicable law.
The tender offer is being made pursuant to an Offer to Purchase, dated February 2, 2017, and in connection with the previously announced Agreement and Plan of Merger, dated January 24, 2017, among Textron, Textrons acquisition subsidiary and Arctic Cat (the Merger Agreement).
The tender offer will expire on March 3, 2017, at 5:00 p.m., New York City time, unless extended in accordance with the Merger Agreement and the applicable rules and regulations of the Securities and Exchange Commission (the SEC). Any extension of the tender offer will be followed as promptly as practicable by public announcement thereof, and such announcement will be made no later than 9:00 a.m., New York City time, on the next business day after the previously scheduled expiration date.
The tender offer is subject to customary conditions, including the tender of at least one share more than 50% of the outstanding Shares (calculated on a fully-diluted basis). Arctic Cats board of directors has approved the transaction and unanimously recommended that its shareholders tender their Shares pursuant to the tender offer.
Today, a tender offer statement on Schedule TO was filed by Textron with the SEC, which sets forth in detail the terms of the tender offer. Arctic Cat filed today with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 setting forth in detail, among other things, the recommendation of Arctic Cats board of directors that Arctic Cat shareholders accept the tender offer and tender their Shares pursuant to the tender offer.
