21.10.2008

Manitou has Gehl

Manitou’s initial offering for Gehl expired yesterday with acceptances received for almost nine million shares, which added to the shares the company already owned gives it 89 percent of the Gehl’s equity.

Manitou has now opened a subsequent offer at the same price for the remaining shares which will close on Friday 24th October. If, as is expected, a further one percent of the equity is tendered, Manitou will be able to complete the acquisition without holding a shareholders meeting.

Once Manitou has the necessary shares it expects to move quickly to convert Gehl to a wholly owned subsidiary.