Manitex International To Be Acquired By Tadano In All-cash Deal Valued At $223 Mln

(RTTNews) - Manitex International, Inc. (MNTX) announced Thursday that it has entered into a definitive agreement to be acquired by Tadano Ltd. in an all-cash transaction at an equity value of $123 million and total transaction value of $223 million, 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, 2024, the last full trading day before announcement of the transaction.

Upon completion of the transaction, Manitex's shares will no longer trade on NASDAQ or any other public market.

The transaction was unanimously approved by Manitex's Board of Directors, which recommends that Manitex shareholders vote in favor of the transaction.

The transaction is expected to close early in the first quarter of 2025, subject to approval by Manitex shareholders, receipt of regulatory approvals and other customary closing conditions.