The following press release was issued today by Arctic Cat, announcing that it is now a division of Textron. The intended purchase was announced on January 25. Click here to see that story.
Tender Offer For Arctic Cat Completed
Arctic Cat Inc. today announced that Textron Inc. has successfully completed the tender offer by Aces Acquisition Corp., an indirect wholly owned subsidiary of Textron, to acquire all outstanding shares of Arctic Cat at a price of $18.50 per share in cash, without interest and subject to any required withholding taxes.
Aces Acquisition Corp. has accepted for payment all outstanding shares of Arctic Cat validly tendered and not properly withdrawn as of the expiration time of the tender offer (excluding shares delivered pursuant to notices of guaranteed delivery that have not yet been delivered in settlement or satisfaction of such guarantee), which represented approximately 79 percent of Arctic Cat’s outstanding shares and 73 percent of the shares on a fully diluted basis.
Aces Acquisition Corp. intends to exercise its option under the merger agreement to purchase directly from Arctic Cat an additional number of shares that, when combined with the shares purchased in the tender offer, represent one share more than 90 percent of the outstanding Arctic Cat shares on a fully diluted basis. Subsequently, Textron intends to affect a “short-form” merger under Minnesota law, without the need for an Arctic Cat shareholder meeting.
All remaining shares of Arctic Cat not purchased by Textron in the tender offer (other than shares subject to properly exercised dissenters’ rights claims) will be converted into the right to receive $18.50 per share in cash, without interest and subject to any required withholding taxes upon consummation of the merger.
After the merger, which is expected to occur on March 6, 2017, Arctic Cat will be an indirect wholly owned subsidiary of Textron, Arctic Cat’s shares will cease to be traded on the NASDAQ and Arctic Cat will no longer have reporting obligations under the Securities and Exchange Act of 1934, as amended.
About Arctic Cat
The Arctic Cat brand is among the most widely recognized and respected in the recreational vehicle industry. The company designs, engineers, manufactures and markets all-terrain vehicles (ATVs), side-by-sides and snowmobiles, in addition to related parts, garments and accessories under the Arctic Cat® and Motorfist® brand names. Arctic Cat Inc. is headquartered in Minneapolis, Minnesota. Its common stock is traded on the NASDAQ Global Select Market under the ticker symbol “ACAT.” More information about Arctic Cat and its products is available at www.arcticcat.com.