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Textron Completes Tender Offer for Acquisition of Snowmobile Maker Arctic Cat.

M2 EQUITYBITES-March 7, 2017-Textron Completes Tender Offer for Acquisition of Snowmobile Maker Arctic Cat


7 March 2017 - US-based manufacturer Textron Inc. (NYSE: TXT) has completed a tender offer for all of the issued and outstanding shares of common stock of US-based snowmobile and ATV maker Arctic Cat Inc. (NASDAQ: ACAT) for USD 18.50 per share, payable net to the holder in cash, the company said.

The offer was launched in early February. It was made pursuant to an offer to purchase, dated 2 February 2017, and in connection with an agreement and plan of merger, dated 24 January 2017, among Textron, Textron's acquisition subsidiary and Arctic Cat.

Textron's Aces Acquisition Corp. subsidiary has accepted for payment all outstanding shares of Arctic Cat validly tendered, which represented approximately 79 % of Arctic Cat's outstanding shares and 73 % of the shares on a fully diluted basis.

Minnesota-based Arctic Cat is in the recreational vehicle industry.

The company manufactures and markets all-terrain vehicles, side-by-sides and snowmobiles, in addition to related parts, garments and accessories under the Arctic Cat and Motorfist brand names.

Textron has agreed to make a cash tender offer for all outstanding shares of Arctic Cat common stock at a price of USD 18.50 per share. The tender offer is expected to commence no later than 7 February 2017. The completion of the acquisition is subject to customary conditions and regulatory approvals.

Textron is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services.

The company's brands include Bell Helicopter, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Textron Systems, and TRU Simulation + Training.

Baird is serving as financial advisor and Fredrikson and Byron is serving as legal counsel to Arctic Cat. Shearman and Sterling LLP is serving as legal counsel to Textron.

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Publication:M2 EquityBites (EQB)
Date:Mar 7, 2017
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